There's no new liquidity influx in the market.

Stablecoin supply has remained flat since October, ETF inflows have turned negative, DAT inflows have stalled, and the volume of funds raised has returned to bear market levels. When inflows from all major sources simultaneously slow, price movement typically follows.

The only real factors that could be driving this are the accumulation of RWAs, the gradual return of major players to DeFi, and the potential positive impact of the CLARITY Act.

If these three factors don't lead to real capital inflows, the situation will remain devoid of liquidity.