The relationship between a basket of cryptocurrencies (BES$ – Bitcoin; Ethereum and Solana) and Global Liquidity (GLI$) remains strong and robust. The data suggest an apparent lead time of around three months, with the recent correlation close to 0.57.
Chinese PBoC liquidity appears to have shifted from a mid-March to mid-June lull toward renewed injections
Gold prices remain closely linked to People’s Bank of China liquidity, even if the relationship is not perfectly synchronous
Bitcoin may be stabilising relative to gold, but stronger US Fed Liquidity would be needed to build confidence in sustained outperformance
US monetary conditions still argue for caution, with bond-market pressures pointing toward tighter policy
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