TechFlow, April 13 — According to cryptocurrency analyst arndxt's post on X, there hasn't been genuine risk-off behavior yet, retail has not capitulated, and ETF inflows remain strong. Market depth is slowly declining, and impaired liquidity is amplifying price movements—liquidity, not sentiment, is the market’s true vulnerability.
However, once the buy-the-dip reflex fails again and the excess wealth expectations of the 2019–2024 cycle are challenged, real deleveraging will begin. We are entering a phase where market moves will increasingly be policy-driven, not just data-driven. Watch for Fed language such as "smooth functioning," "temporary," and "facility."
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