The price of bitcoin is becoming independent of the liquidity cycle
There is a structural change in the economy of bitcoin and cryptocurrencies.
Bitcoin (BTC) may be entering a new economic phase, one in which the behavior of its price stops depending on the abundance or scarcity of global money.
For more than a decade, the price movements of the digital asset followed the liquidity cycles of central banks, rising when money was cheap and falling when it was restricted.
But that bond is beginning to weaken. What was once a market driven almost entirely by speculation and international financial flows is starting to show signs of real economic use within the ecosystem.
The chief analyst of Real Vision, Jamie Coutts, asserts that, for the first time, a part of the bitcoin and cryptocurrency economy "shows signs of independence from the liquidity cycle."
He explains that, until now, cryptocurrency activity had been driven by the expansion of global money, as the use cases were primarily speculative.
However, he notes that, since mid-2025, the volume of transfers with stablecoins has decoupled from fees on decentralized networks and global liquidity, something he defines as "a structural change."
The rails are starting to move at their own pace," he says, adding that the combination of stablecoins and artificial intelligence (AI) will open new avenues for the use of distributed networks, reducing the cyclical dependence on the markets.
