I'm definitly a believer that liquidity is one of, if not the largest, driver of Bitcoin price action from a broad lens. All markets measure human action, so even if euphoric narratives are not currently driving the Bitcoin price (which I don't expect any time soon) it's still useful to understand the current psychological lens the crowds are using.
You give me a great idea though, I think I may have to investigate how much people are currently talking about "liquidity" as a narrative 👀
Good read - sentiment is noisy, but Bitcoin still seems driven more by liquidity and flows than crowd emotion right now.
I'm definitly a believer that liquidity is one of, if not the largest, driver of Bitcoin price action from a broad lens. All markets measure human action, so even if euphoric narratives are not currently driving the Bitcoin price (which I don't expect any time soon) it's still useful to understand the current psychological lens the crowds are using.
You give me a great idea though, I think I may have to investigate how much people are currently talking about "liquidity" as a narrative 👀