According to external sources, while there have been signs of a recent upturn in liquidity in the encryption market, incremental funds have not been magnified simultaneously, and market risk preferences remain inadequate. It was argued that traditional financial systems and chains were improving, but that such changes had not yet been translated into stronger price drivers.

Over the past two weeks, the total market value of the encryption market has hovered around $2.15 trillion. This followed a four-week decline, with a cumulative evaporation of more than $55 billion. In this context, the soundness of the financial landscape is seen as a change of concern.

U.S. currency supply rebounded at the same time as the stable currency

The article mentions that the United States currency supply has risen to a new high of $22.8 trillion, an increase of over $40 billion over the beginning of 2026. In other words, the increased liquidity available in the system usually underpins risk assets.

On the chain side, the total market value of the stable currency has been net-inflowed in more than $300 million over the past week, ending with a four-week decline. According to this article, some of the funds are re-entering the encrypted ecology rather than continuing to remain on the sidelines.

  • United States currency supply rose to $22.8 trillion
  • Over $40 billion since the beginning of the year
  • Stable currency net inflows in excess of $300 million a week

ETF financial flows are still not working together.

However, according to the article, improved liquidity does not mean that the market is recognized as having bottomed. More crucial is the fact that investors' strangulation has still not recovered significantly, especially in the high-risk sectors that had previously led the rebound, with no strong relays.

It is mentioned that the exchange of BTC-denominated quays has been weak since 2021, indicating a marked slowdown in the rotation of funds between Bitcoin and other currencies. This means that, even with new liquidity, markets have not spread as rapidly as in the previous cycle to more high-risk assets.

ETF data are also differentiated. According to the article, only Morgan Stanley recorded a net inflow of over $10 million this week, with a buy-in of $25.8 million BTC, while other major agencies combined recorded a net outflow of about $201.7 million.

  • Morgan Stanley net-inflowed $25.8 million this week.
  • Total net outflows of other major agencies

Bitcoin is back in the critical zone, but it's more cautious.

It was also noted that bitcoin had returned to a historical area of greater interest of approximately $60,000, but that there had been no significant increase in the activity of bulk trading. Compared to earlier in the current cycle, the same price belt is now more responsive to caution rather than to concentration.

Taken together, external sources believe that the positive signals in the current market are mainly from liquidity repair rather than from a full recovery of risk preferences. Stabilized currency expansion and increased money supply are indicative of a better financial environment than in the previous period; however, the low participation of the diaspora, the uneven demand for ETFs and the weak rotation of the mackerel currency mean that the market is still a distance from a clearer bottom signal.