In my opinion, this chart highlights something the market often forgets: liquidity usually moves in stages.
First, global liquidity expands.
Then traditional safe-haven assets like gold and silver start reacting to that increase in capital.
That’s exactly what we’re seeing here. Both metals have already moved strongly as global liquidity has pushed higher.
From my point of view, the interesting part of the chart is Bitcoin’s position in the cycle.
While gold and silver have already responded to the liquidity expansion, Bitcoin is still sitting much lower relative to that trend. Historically, Bitcoin tends to react later but much more aggressively once liquidity conditions become favorable.
In other words, metals often move first.
Crypto tends to follow.
If global liquidity continues trending upward, the gap between Bitcoin and the rest of the liquidity-driven assets could start closing.
And when Bitcoin begins to catch up, it usually doesn’t move slowly.
