Core Insights - The crypto market has underperformed compared to equities since April, with Bitcoin down over 15% in the last 30 days despite favorable macroeconomic conditions [1][5] - Bitcoin's year-to-date gain is only 4.2%, contrasting sharply with the S&P 500's 16.76% gain [2] - Global liquidity is expanding, but capital is not flowing into the crypto sector, with crypto ETF inflows stalling [3][4] Market Performance - The S&P 500 has maintained a 1.66% gain in the last 30 days, while the crypto market has shed over $500 billion [1][6] - Bitcoin is currently around $104,000, Ethereum at $3,500, and both BNB and SOL have dropped over 20% [6] - The GMCI-30 index dropped 12% last week, with significant losses across various sectors, particularly Gaming (-21%) and Layer 2 solutions (-19%) [6] Liquidity and Market Structure - Despite an increase in the Federal Reserve's M2 Money Supply by over $2 trillion, reaching over $22 trillion, the crypto sector has not benefited from this liquidity [3] - The current market structure in crypto appears healthy, with leverage flushed out and positioning clean, but a resurgence in ETF or digital asset treasury flows is necessary for renewed liquidity [4] - Central banks are cutting rates into relative strength, indicating that the crypto bull run may not be over despite current challenges [8]