@htrhghjy
Institutional flows create stronger coupling to macro liquidity factors because large allocations respond to shifts in risk-free rates, portfolio mandates, and capital-raising cycles. Asset managers and pensions operate within macro-sensitive frameworks, adjusting allocations based on yield curves and regulatory constraints. This increases cyclicality: crypto rallies with easier policy and retraces when real yields rise. Nonetheless, crypto-specific catalysts can still decouple performance. Monitoring institutional flow proxies—ETF creations, custody inflows, and prime-brokerage positioning—helps quantify macro sensitivity over time.
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