An interesting situation has developed in the market: retail investors are practically deprived of liquidity.

We have experienced 4 years of quantitative tightening (QT), during which the Fed:

• Reduced its balance sheet,
• Devastated the repo market,
• Raised interest rates to record levels.

These measures literally “sucked” liquidity out of the economy (the result of a policy called “Bidenomics").

When will retail be able to invest again?

This will happen when the Fed:

• Signals the transition to quantitative easing (QE),
• It will begin to increase liquidity in the system through the repo market,
• It will lower rates and begin to “print” new debt so that banks can actively lend again.

Only then will the retailer have access to cheap capital to get back into the game.

Who's winning now?

At the moment, bitcoin and large L1 tokens are actively being bought up by institutions. This is the accumulation phase, where the big players take a share, while retail remains on the sidelines.

If you have kept your assets, congratulations. You will be rewarded for your patience.
If you don't have time to buy at the bottom, get ready to buy more expensive. That's how markets work.

Those who have taken risks before and shown discipline always get their way.

Keep an eye on central banks' liquidity and balance sheets. As soon as they reverse, the bull market will start again. In the meantime, it's a phase of institutional dominance.