Global equity markets are trading near all-time highs, reflecting strong risk appetite across traditional finance. Gold has already completed a significant upward move, signaling earlier positioning by investors seeking macro hedges.
At the same time, liquidity conditions are quietly improving, with capital gradually rotating back into risk assets. Select altcoin ecosystems are beginning to show early activity, suggesting renewed speculative interest.
Despite these developments, Bitcoin has yet to make a decisive move. Historically, BTC has often lagged in the early stages of liquidity expansion before accelerating sharply once momentum builds.
If current macro and liquidity trends persist, Bitcoin may be positioned for a delayed—but potentially powerful—catch-up rally in the next phase of the market cycle.
