Crypto markets are driven by narratives, but price sustainability relies on measurable capital flows and liquidity. Bitcoin’s 56% rally post-US election was fueled by futures open interest, but spot follow-through was weak. ETF inflows influenced rallies, stablecoin exchange inflows dropped 50%, making narrative-driven rallies fragile. Liquidity is key to sustaining price trends. Narratives impact positioning, but capital commitment drives sustainable trends. Spot ETF flows correlated with Bitcoin’s price movements. Stablecoin exchange inflows indicate buying power and market trends. Narratives drive price movements, but liquidity drives market sustainability. Headlines create volatility, but trends require capital and spot-led demand.

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