They can both be right. One is looking at broad liquidity (Global M2 / total money in the system) @RaoulGMI The other is looking at liquidity impulse / financing conditions (how fast the engine is gaining or losing thrust) @crossbordercap For BTC and crypto bull runs, the one that has mattered more is: broad liquidity expansion. That’s the big dog. The other lens is the smoke detector.
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