Despite supportive economic conditions marked by global rate cuts and strong equity performance, the cryptocurrency market continues to lag behind traditional asset classes. According to Wintermute’s latest market update, crypto underperformance is attributed to slow capital inflows, with ETF activity and Digital Asset Token (DAT) volumes declining. Only stablecoins are currently experiencing significant growth, exceeding 50% year-to-date. The post-FOMC liquidity unwind appears to be a key driver of this recent dip, leading to Bitcoin and Ethereum remaining relatively range-bound. While the market remains healthy overall, renewed inflows from traditional markets will be crucial for a future crypto rally.