Are we watching crypto flows from the wrong end?

Everyone's watching ETFs, institutions and retail.

But what is they're the result, not the force.

Bitcoin recently moved from ~$63k to $77k+, while spot BTC ETFs saw nearly $1.9B in weekly inflows.

Rates, the dollar, liquidity and regulation all matter here.

If i had to pick one driver: liquidity / macro conditions.

We see the flow.

Maybe we should watch what's moving it.

What do you think?