Narratives versus reality: What really drives Bitcoin and altcoin prices?

Headlines move crypto fast, but liquidity decides what lasts. Data from ETFs, stablecoins and onchain flows shows what really drives prices.

Crypto markets are often explained through narratives. Political developments, regulatory headlines, institutional adoption and cycle-based expectations dominate the price action during volatile periods.

These narratives influence positioning and sentiment, but over the past year, price sustainability has been dictated more by measurable capital flows, liquidity conditions and onchain behavior than by headlines themselves.

Key takeaways:

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