"Is the Crypto Bull Run Coming to an End? New Liquidity Analysis"
The long-debated question in the crypto market, "Is the bull run over?", offers a rather clear picture when looking at liquidity and capital flows. The primary determinant of market movements is no longer supply constraints; it's particularly driven by new and fresh capital inflows. The halving effect wasn't the only factor driving prices upwards in the past; the primary driver was cyclical, often coinciding with central banks and market liquidity conditions.
Stablecoins, ETFs, and other digital assets saw significant growth in 2024, but this capital is largely circulating and changing hands among existing investors. Without new investors and fresh capital, market rallies are short-lived and typically confined to individual coins. Therefore, the sustainability of the current bull run is quite weak; without new liquidity flowing into the market, rallies quickly fizzle out.