#liquidity-conditions

#liquidity-conditions

Cowen points out that while stocks and gold are responding positively to expectations around future monetary easing, Bitcoin appears far more sensitive to actual liquidity conditions rather than optimism alone. That distinction, he explains, helps clarify why BTC has struggled to gain momentum even as broader markets push higher. According to Cowen, Bitcoin often requires a clearer macroeconomic catalyst before it can outperform, and that catalyst may not yet be in place.