Bitcoin Macro Setup: 2008-Level Liquidity Crunch + Peak Retail Fear

What Delphi Digital is flagging:
- Global liquidity indicators have hit the lowest levels since the 2008 financial crisis
- This level of liquidity tightening historically triggers aggressive capital flight from risk assets
- Within crypto: not a broad selloff — a rotation into Bitcoin specifically

2022 dominance blueprint:
- BTC dominance climbed from 39% to 48% during the last comparable macro squeeze
- The capital leaving altcoins went directly into BTC, not out of crypto entirely
- Same rotation dynamic is setting up again

Retail sentiment reading (Santiment):
- Retail fear spiked hard after Bitcoin dropped to approximately $76,000
- Maximum retail fear has historically appeared at or near local market bottoms
- The crowd is most scared exactly when smart money is most active

What to watch:
- BTC dominance chart — if it breaks above 50%, altcoin season is paused indefinitely
- Retail fear index — continuation...