Now let’s see the OpenAI and DeepSeek teams

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See these super-blatant ones as basically on-chain actual gambling

In theory new ones could keep popping up indefinitely, as does state-run gambling,

Fueled by people who know they net-lose, but keep doing it for fun

(Not recommended)

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$BTC dominance about to bounce downward off of this red line

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~$320 billion in gold secured in an underground vault by the Bank of England

~$3,300 billion will suddenly appear out of thin air when $BTC doubles again

Remember that inflows are NOT at all neccessarily needed for crypto to increase in market cap.

MARKET CAP IS NOT THE SUM OF INFLOWS

— To wit, vast majority of crypto investment money comes from gains on other cryptos, not from outside retail money, and with BTC prices set to explode, so is crypto investment

Get ready

(Crypto total maket cap is ~3.3T, and fair to say that when $BTC doubles, the rest tend to at least double.)

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Notice how net crypto stablecoin issuance, is ONLY $224 billion, net $BTC ETF inflows are only about $40 billion

— but crypto total market cap is ~3.3 TRILLION?

Crypto market caps do not arise from inflows in the way you think, and in some cases rising market caps don’t require inflows at all.

Some EXTREMELY COMMON MISCONCEPTIONS:

+ that market caps of companies are simply assets minus liabilities, or EBITDA, or something like that, involving concretely-justifiable present or future net assets flows

— WRONG, e.g. $NVDA’s price-to-earnings ratio today is 51

+ that market caps of crypto coins are the sum of the inflows into the coins

— WRONG, market cap to liquidity ratios of coins often tend to be 50x to 100x

+ that market caps of funds, for those that have them, which most don’t exactly but some do, tend to be the value of the assets under management

— WRONG, see e.g. the daosfun coins, many of which have a 50x+ ratio of market cap versus assets under management

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Total $BTC spot ETF inflows:

— $40.6 billion

Stablecoin issuance, a proxy for dollar inflows:

— $224 billion

$BTC market cap:

— $1,900 billion

Crypto market cap:

— $3,300 billion

What gives crypto trillions in market cap, when only a net hundreds of billions have flowed in?

In a way — simple unwillingness to sell at a cheaper price, regardless of inflows size.

Market caps are not related to inflows in the way you wrongly presume.

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GM

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