Four all-time highs are already on the board
Gold at record levels
Silver at record levels
S&P 500 at record levels
Global liquidity at record levels.
Only one major asset class hasn’t caught up yet
▸
$BTC Bitcoin and crypto are still trading below what this liquidity regime historically justifies
When liquidity expands capital doesn’t move everywhere at once.
It rotates.
First into safe assets.
Then into equities.
And eventually into the most reflexive assets in the system.
Crypto sits at the far end of that curve.
Same money supply.
Same excess liquidity.
Very different pricing.
That gap