Wintermute has highlighted a halt in liquidity inflows within the cryptocurrency markets, according to a recent post on its X platform. The firm noted that while the size of stablecoins, ETFs, and digital asset treasuries has surged from $180 billion to $560 billion since early 2024, the growth momentum has significantly slowed. This stagnation has resulted in funds rotating internally rather than entering new markets, causing rapid fading of gains and a narrowing of market breadth. Wintermute suggests that until one of the three major inflow channels—stablecoins, ETFs, or digital asset treasuries—accelerates again, the cryptocurrency market will remain in a self-funding phase. The firm emphasizes that renewed liquidity inflows are essential for revitalizing the digital asset space.