📉 Why Crypto’s Not Joining the Party While Global Markets Are 🎉 Just before the recent sell-off, market maker Wintermute dropped a macro report on why crypto isn’t riding the wave of the booming risk market. ➡️ The Macro Picture Looks Strong 💪 The global scene is looking bright! Interest rates are dropping, quantitative tightening's done, and stocks are flirting with record highs. You’d think this would give crypto a boost, but nope! After the latest FOMC meeting, expectations for a rate cut in December nosedived, sparking some risk aversion. Stocks bounced back like champs, but crypto? Not so much. ➡️ Liquidity Exists But Flows Elsewhere 💸 It’s not about a lack of cash; it’s where it’s going. Global liquidity is on the rise, yet hardly any finds its way to crypto. Stablecoin supply has skyrocketed over 50% this year—plenty of cash out there! But Bitcoin ETFs have hit a wall at $150 billion and trading across digital platforms has plummeted. The money train is now headed tow