Cryptocurrency exchange Huobi rated Bitcoin (CRYPTO: BTC) and real-world assets Overweight for Q3 in its quarterly HTX Research report, arguing that Q3 rewards liquidity and cash flow over narrative.
Q2 Was A Liquidity Repricing, Not A Cycle Breakdown
HTX traced the sell-off in the second quarter to one chain reaction: the energy shock caused by the Iran war pushed inflation expectations higher, the Fed turned more hawkish, the dollar strengthened, and crypto got repriced alongside every other risk asset.
BTC fell from roughly $82,000 to $59,000, a 24% peak-to-trough drop, as spot ETFs swung from $1.97 billion in April inflows to nearly $4.9 billion in combined May-June outflows.
Tokenized real-world assets excluding stablecoins grew 9.5% to $32.28 billion over the same quarter, with on-chain finance expanding even as prices fell sharply.
