Crypto thrives on liquidity. When people are spending, it signals they a) have disposable income, and b) there is willingness to take financial risk (sentiment). Right now, we're experiencing a downturn in consumer sentiment. Currently households are delaying spending, waiting to see how new policies play out. Even giants like Walmart and Target are guiding lower. Risk assets like crypto don't thrive in cautious environments. Remember that we're not in a vacuum.