Liquidity, not narrative, defined Bitcoin in 2025. In his January outlook, @jmmognetti explains why @Bitcoin tracks dollar liquidity, not narratives, and why gold outperformed during geopolitical stress. If balance-sheet expansion returns in 2026, the regime changes and so does Bitcoin. Full output here: https://coinshares.com/insights/the-node/output-the-liquidity-lens-lessons-from-2025-and-a-look-ahead/?utm_source=twitter&utm_medium=social&utm_campaign=TheNode_Output_30012026&utm_content=carousel_NA_Liquidity-Bitcoin(CoinShares)