Hello!
I was looking at this chart from the X account Zerohedge that is comparing global liquidity and Bitcoin, and honestly it explains a lot about what is happening right now. Take look at the chart.
The green line shows global M2 liquidity with a small lead, and the red line is Bitcoin. When the world is full of cheap money, Bitcoin moves up with confidence. When that money flow slows down, Bitcoin suddenly looks weak and confused.
In the first half of 2024 both lines stay close together, almost like they are following the same rhythm. Later, in 2025, liquidity continues rising fast while Bitcoin starts to fall behind. For me this shows that investor mood changed. Liquidity is growing, but risk appetite is not the same. Some people may prefer stocks, others wait for a correction, and some feel nervous about regulations or elections.
The important message from this chart is that Bitcoin reacts to global liquidity just like other big macro assets. It is not simply hype or memes moving the price. It reacts to the same environment as equities or real estate, only with more volatility. Many people online love to repeat that Bitcoin is “decoupling” from everything, but this chart tells a different story. We all live inside the same economic system. When money expands, most assets rise. When money tightens, most assets suffer.
This also explains why many investors feel confused these past months. Liquidity was rising sharply but Bitcoin was not making new highs. In simple words, the fuel was ready but the engine did not want to start. Maybe people are tired after the fast run to 90k, or maybe they are waiting for more clarity about the political situation. Sometimes the market just needs a pause.
Still, one thing is very clear. If liquidity keeps moving higher like the green line shows, Bitcoin normally catches up sooner or later. Maybe it takes a bit more time, maybe the move comes with drama, but the direction usually aligns in the end.
So even if Bitcoin looks slower right now, the liquidity wave underneath it remains strong, and sooner or later the price tends to follow that wave.
Crazy times, stay safe out there!