Tomas Perfumo 3.8 3 ideas

Capital flows have decelerated. Since October, ETF net outflows (~$8B) were exactly offset by MicroStrategy purchases, resulting in flat net flows. Stablecoin market cap is down 1.5% YTD. The market is in a "stabilization" phase rather than a growth phase. The massive inflows of the previous two years are digesting. Without new net inflows (beyond just recycling capital between ETFs and MSTR), price appreciation may stall. NEUTRAL (Wait for new catalyst). If MicroStrategy stops buying, the ETF outflows could drag prices down significantly.