Cryptocurrencies are underperforming despite a favorable macroeconomic backdrop, including interest rate cuts and the cessation of quantitative tightening. While global liquidity is increasing, it is not being directed towards digital assets. ETF inflows have stalled, and Digital Asset Treasury activity is declining. Bitcoin and ether remain range-bound, and the GMCI-30 index fell 12% this week, with Gaming, Layer 2 solutions, and Memecoins experiencing the largest drops. Wintermute highlights that the issue lies in liquidity distribution rather than availability. Without renewed ETF demand or new catalysts, digital assets may continue to lag behind equities.