PANews reported on November 6th that Wintermute published an article on its X platform stating: "Liquidity drives the cryptocurrency cycle, but inflows have now stalled. Since the beginning of 2024, the size of stablecoins, ETFs, and the digital asset treasury has increased from $180 billion to $560 billion, but the growth momentum has slowed. Funds are rotating internally rather than entering new markets, leading to a rapid fading of gains and a continued narrowing of market breadth. When any of these three inflow channels accelerates again, liquidity will flow back into the digital asset space. Until then, cryptocurrencies will remain in a self-funding phase."