I’ve been looking deeper into how much NEW liquidity is actually entering crypto right now versus the market simply being repriced higher. The last 30 days are pretty interesting: Total crypto market cap: +11.66% BTC ETF AUM: +14.42% ETH ETF AUM: +5.44% On the surface, you’d think a significant amount of new capital is entering the market. But trading activity tells a different story: Total 24H volume: -45.81% Spot volume: -31.80% Perpetual volume: -42.62% Perpetual open interest: -2.70% That’s the part I find interesting. Crypto gained roughly $290B in market cap (+11.66%) while total trading volume fell almost 46%. We’re also seeing more rotation into alts. The Altcoin Season Index increased from 38 → 49, which is a 28.95% increase over 30 days. That shows improving appetite for alts, but 49 still doesn’t confirm a true alt season. ETF AUM is another number I think people need to be careful with. BTC ETF AUM increased 14.42% and ETH ETF AUM increased 5.44%, but an increase in AUM doesn’t mean an equivalent amount of new money entered those ETFs. Appreciation of BTC and ETH themselves increases AUM. CoinMarketCap’s current data supports the broader institutional-demand picture, with U.S. spot BTC ETF AUM around $98B, compared with roughly $85B a month ago. So what am I watching next? • Stablecoin supply • BTC & ETH ETF net flows, not just AUM • Spot volume • Perpetual open interest + funding If market cap continues climbing while volume continues falling, I think there’s a strong argument that a larger portion of this move is coming from repricing and selective demand rather than broad new liquidity entering crypto. If stablecoin supply, ETF net flows, spot volume and open interest all start expanding together, that’s when the liquidity argument becomes much more convincing. For now, this is the divergence I’m paying attention to: Crypto market cap: +11.66% Total trading volume: -45.81% The market is becoming more valuable much faster than it’s becoming more liquid. Source: CoinMarketCap / CMC AI. CoinMarketCap tracks spot-market activity, ETF AUM/flows and derivatives data used for this type of market analysis. NFA. Just sharing how I’m interpreting the data.