The Real Catalyst 🎯

Maybe the ETF isn’t the most important factor behind Bitcoin’s movements.

ETFs do bring in capital flows, but the bigger picture is far broader:

🇺🇸 Treasury
💵 US Dollar
📊 Inflation
🏦 The Fed
📈 Yield
🌎 Global liquidity

When all these macro factors start moving in the same direction, their impact on BTC can be much greater.

Maybe the biggest catalyst for Bitcoin isn’t the ETF, but changes in liquidity conditions and the global macro environment.

$BTC