Bitcoin Brief: Liquidity Returns to the Machine
The daily signal: global liquidity is inflecting higher, the Fed blinks, and what it means for the hardest asset on the board.
Good morning. Here's the signal cutting through this morning's noise.
The big thing
Global M2 just turned higher in unison for the first time in eighteen months. When liquidity expands, the hardest, most liquid asset on the board tends to front-run everything else.
Three things worth your attention
- Rates: the market is pricing two cuts before year-end.
- Energy: natural gas is basement-cheap again in West Texas.
- Self-custody: withdrawals from exchanges hit a multi-year high.
Stay humble, stack sats.


