Slowing global liquidity and rising debt may limit Bitcoin’s upside ahead

The Federal Reserve’s balance sheet is no longer expanding. The European Central Bank is still reducing assets. US Treasury issuance remains heavy while corporate borrowing is rising again. None of this makes headlines in crypto feeds, but these are the numbers that have historically decided whether Bitcoin rallies or stalls. For Bitcoin holders right now, the sentiment is not the best. They are not just exposed to technology or adoption, but to global liquidity. And that cycle appears to be rolling over. Is global liquidity still expanding Investors often focus on money supply data such as M2. Although that measure captures retail deposits and bank money in the real economy, financial markets tend to respond to something narrower and more…