WHY THIS BULL MARKET STILL HAS LEGS

Summary from the TLDR Crypto newsletter

The current bull market is driven by AI-generated liquidity rather than traditional Fed policy, with hyperscaler equity gains and capex cascading through the economy while crypto treasury companies create a reflexive loop converting equity euphoria into onchain demand. Key structural changes include ETH ETFs recording over $1 billion in single-day inflows and companies like BitMine expanding treasury strategies to $24.5 billion, creating persistent institutional buyers that previous cycles lacked. Despite macro headwinds, including sticky inflation from tariffs, labor market softening, and policy uncertainty, the analysis remains valid as long as the "AI → Retail → Treasury Company → Spot" transmission mechanism stays intact. This cycle can continue until either hyperscaler capex rolls over or ETF demand stalls, making it fundamentally different from the Fed-driven liquidity cycles of 2021.