Cowen emphasizes,"Narratives do not drive the market, liquidity does". Narratives and public sentiment, often driven by news, social media, or celebrity endorsements, can create speculative bubbles and euphoria around certain assets. However, Cowen suggests that such narratives are secondary to the fundamental factors of liquidity. When the hype dies down, assets with strong liquidity will likely remain more stable.
In a market often characterized by speculation and hype, such a statement serves as a sobering reminder of the critical role that liquidity plays in cryptocurrency valuations.
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