The global liquidity acceleration cycle has not started yet.
The 12-month change remains below zero, and bitcoin is still negative over 52 weeks.
The two curves have tracked closely for 13 years, with the same turning points in 2015, 2017, 2021, and 2022.
That’s because bitcoin is the asset with the highest beta to the planet’s marginal liquidity.
When there’s excess money in the system, it gets it first.
When there’s a shortage, it gives it back first.
In other words, the entire rally since August has happened without the main engine switched on.
When that curve turns, it will find a market with leverage at its lowest level of the year and long-term supply locked up.
Are you paying attention?
The 12-month change remains below zero, and bitcoin is still negative over 52 weeks.
The two curves have tracked closely for 13 years, with the same turning points in 2015, 2017, 2021, and 2022.
That’s because bitcoin is the asset with the highest beta to the planet’s marginal liquidity.
When there’s excess money in the system, it gets it first.
When there’s a shortage, it gives it back first.
In other words, the entire rally since August has happened without the main engine switched on.
When that curve turns, it will find a market with leverage at its lowest level of the year and long-term supply locked up.
Are you paying attention?