March and December 2024 were textbook
New liquidity flooded in, old money dumped on them
The current value of 30% is only half of the "overheated" levels
HTF we should see a continuation of the bullish impulse before the euphoria zone above 60% 🧵👇
But what about macro? 👀
The dollar just jumped from 96 to almost 100 in July, now back to 98.6
That’s a big move for a slow beast like the DXY that puts pressure on risk assets.
Global liquidity just hit all‑time highs
Markets usually follow liquidity by ~3 months
That means risk assets (including crypto) have runway.
The PBoC has doubled net injections since early 2024.
That’s fuel for markets, not headwinds.
If DXY keeps climbing, expect short‑term pullbacks. Those dips are buying zones, not exits.
Clever alpha letter readers got positioned ahead of this dollar bounce.
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