🐻The poverty of traders expressed in charts On the right is the global “net” liquidity ticker, more indicative than M2. It has been in a stable downtrend since 2022—money from retail investors has not actually been growing for almost four years. On the left is a graph of trading volumes with leverage on BTC. Over the past four months, all historical highs have been updated, and by a factor of 10. Retail is increasingly moving into futures, as leverage remains the only way to disperse capital balances.