# TheMacroLedger

Liquidity is not gone.
It is waiting.
Bitcoin’s April rebound was not driven by hype alone.
Behind the move, three signals matter:
ETF inflows are returning.
Stablecoin liquidity is still sitting on-chain.
Exchange reserves continue to trend lower.
That means capital is still present — but selective.
This is not a full risk-on market yet.
It is a positioning market.
My read:
Stablecoins are the waiting room of crypto liquidity.
When investors hold stablecoins, they are not fully out of the market.
They are waiting for confirmation.
The next real move depends on whether this dry powder rotates