@anatsdasia
On-chain metrics like exchange reserves and stablecoin supply are useful, but in 2025, macro dollar liquidity often explains more of BTC’s price action. Global dollar flows, real yields, and central bank balance sheets exert outsized influence on crypto markets. While on-chain data shows internal dynamics, liquidity waves dictate whether capital flows in or out. Investors ignoring macro risk missing the forest for the trees. Combining both lenses—macro liquidity for trend, on-chain for micro—offers the sharpest insights. In this cycle, dollar liquidity remains the ultimate driver of crypto valuation.
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