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In digital assets, liquidity often matters more than narrative.
The headlines focus on price. But the infrastructure story underneath is what tends to matter twelve months from now. A few data points from the past few weeks are worth mentioning:
- @MorganStanley launched its spot #Bitcoin ETF in early April and managed to raise $100 million in the first week.
- @GoldmanSachs filed for its own $BTC fund days later.
- @DeutscheBoerse invested $200 million in @krakenfx , valuing the exchange at $13.3 billion.
- The NYSE's parent company, ICE, made a similar-sized investment in @okx.
Meanwhile, #stablecoin supply sits at all-time highs. ETF inflows continue to absorb sell-side pressure. The Fed's balance sheet is showing early signs of expansion. And Kraken became the first #crypto exchange with direct access to the Federal Reserve's payment rails.
None of this guarantees direction. But it tells you something about where capital is positioning and who's building the infrastructure for the next leg.
We're watching liquidity more closely than price.
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