Global liquidity levels have stabilized following the Q4 dip. Four factors are underpinning them: (1) Improving Central Bank liquidity, due to the PBoC and ECB. Fed liquidity remains a cause for concern. (2) Collateral values (bonds) which are picking up, in part helped by (3) the loss of momentum in the US dollar. And finally (4), bond market vola... See more

Every asset ALWAYS functions in the context of macro constraints. Bitcoin has many people buying and selling it from many countries. Regardless of what popular narratives say, every single person has their Bitcoin cross-collateralized with something else. If a person is running a portfolio with leverage and begin to have a drawdown, they typically

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