2025 FOOLED US.🚀
BUT WHEN I BROKE DOWN THE DATA, THE REAL BULL MARKET LOOKS MORE LIKE 2026.
2025 would be the post-halving bull run.
But the charts didn’t behave like a real cycle.
Bitcoin stalled.
Ethereum stalled.
Solana collapsed.
So I went back and analyzed the macro, the liquidity models, and the past cycles…
And the uncomfortable truth is this:
2025 never had the conditions that start a bull market.
The key driver that mattered was missing:
Global net liquidity.
Look at the chart below. This is the liquidity that actually reaches markets. Not headline M2:
tradingview.com/x/ory20IXN/
In 2025:
Net liquidity kept falling
PMI stayed in contraction
QT was still draining
Economic expansion never started
That is NOT a bull market environment.
It explains why the year felt confusing:
strong narratives but no fuel.
But here’s what my breakdown showed…
2026 is the first time in years where the conditions that do start bull markets are appearing:
QT ended
Rates heading lower
TGA pressure gone
Net liquidity bottoming
PMI turning up
Institutions preparing second-wave inflows
Regulation finally arriving
Historically, Bitcoin has never entered a bear market while liquidity is rising.
So maybe 2025 didn’t fail…
Maybe it was simply the wrong year to expect a cycle.
And maybe 2026 is the year the real bull market begins.
Here’s a video where I break it down with charts & data in the comments below:
