macro liquidity is overpricing short-term positioning: reading the Mercado Bitcoin tape

Attention jumps quickly; capital moves more slowly.
Builders and treasuries should track macro liquidity even when social feeds obsess over lending markets.
Even when feeds obsess over “Mercado Bitcoin Said Its Hack Was Contained, But Blockchain Data Tells a Different Story,” the durable question remains process versus prediction.
Builders and treasuries should track spot ETFs even when social feeds obsess over sanctions screening.
Improvements in spot ETFs without confirmation from sanctions screening tend to fade faster.
Risk is easiest to ignore precisely when it is most expensive.
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