Four all-time highs are already on the board

Gold at record levels

Silver at record levels

S&P 500 at record levels

Global liquidity at record levels.

Only one major asset class hasn’t caught up yet

▸ $BTC

Bitcoin and crypto are still trading below what this liquidity regime historically justifies

When liquidity expands capital doesn’t move everywhere at once.

It rotates.

First into safe assets.

Then into equities.

And eventually into the most reflexive assets in the system.

Crypto sits at the far end of that curve.

Same money supply.

Same excess liquidity.

Very different pricing.

That gap doesn’t stay open forever.