Why the next Bitcoin cycle will be won by investors who understand liquidity

Analysis of Bitcoin market dynamics argues the next crypto cycle will be liquidity-driven rather than narrative-driven. Over the past eight months, more than $10 billion has flowed out of Bitcoin spot ETFs, weighing on prices, while spot ETFs now hold 6-7 percent of circulating supply and BlackRock's iShares Bitcoin Trust alone commands about $43 billion in AUM. The piece cites a 0.78 correlation between global M2 money supply growth and Bitcoin prices with a 90-day lag, while noting resilient on-chain activity with daily transactions crossing 800,000, suggesting the next rally depends on Fed easing, ETF flow reversal, and improved liquidity conditions.