Why Liquidity Matters More Than Narratives in Crypto Markets
Quick Take: Liquidity vs Narratives in 2024–2025 Crypto Bitcoin’s major moves in 2024–2025 lined up almost perfectly with global USD liquidity conditions, not with stories like “AI coins,” “RWA revolution,” or “spot ETF mania.” The correlation is too consistent to ignore. In fact, global liquidity levels have a high historical









