From 2020-2024, liquidity was the biggest driver of most asset prices (Bitcoin and equities moved together), but other regimes can cause decoupling—for example, stagnant equity margins without dollar shortages could allow Bitcoin to outperform stocks.
causalpending
Evidence Quote
“Liquidity was the biggest driver... NASDAQ and Bitcoin up NASDAQ and Bitcoin down... something that pressures the margins of stocks without hurting liquidity... could hurt stocks but not really Bitcoin. [1:00:11]”
Created: 8/11/2026, 7:28:17 AM
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