According to André Dragosch, a broad rally in IPOs and non-profitable tech stocks typically signals that excess liquidity is returning to markets, indicating a risk-on backdrop that traders track closely. Source: @Andre_Dragosch on X, Sep 11, 2025. According to the source, crypto traders can monitor these liquidity proxies for potential spillover into BTC and ETH performance as risk appetite shifts. Source: @Andre_Dragosch on X, Sep 11, 2025.