A central theme in Howell’s analysis is the assertion that liquidity flows have become crucial in understanding the modern financial landscape. In recent years, particularly since the global financial crisis, the nature of capital investment has evolved. Interest rates, which historically served as a critical indicator of capital allocation, have b... See more

the simplest way to think about crypto the last year, next few mos: 1) BTC pumps big on news/sentiment. runs out of steam b/c there's not yet good enough macro/"risk on" (low int rates/QE/etc) to support 2) market recognizes too much opportunity this early, so we don't nuke to 0 https://t.co/5EWQ0El9lN