Doesn't seem all that breathtaking! 2022 was the year the Fed kicked off its last rate hike cycle, and it's still the same story now: inflation, rising rate hike expectations. This market trend is still fundamentally driven by macro liquidity. The most direct variable affecting global liquidity right now is the shift in U.S.-Iran geopolitical dynamics. Same goes for U.S. stocks! The so-called strength in U.S. stocks is just a structural rally propped up by the AI narrative, not a full-blown market bull run. Liquidity is highly concentrated in AI giants and hasn’t flowed evenly across all asset classes. Bitcoin