The Milk Road Show The Liquidity Chart That Could Decide Crypto in 2026 w/ Delphi Digital
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Dec 26, 2025 In this engaging discussion, Jason, Marcus, and LTR from Delphi Digital dive into the critical liquidity chart that could shape the future of crypto by 2026. Jason breaks down the fragility of U.S. Treasury markets, while Marcus reveals the TGA balance's significant impact on liquidity flows. LTR introduces innovative token models like CAC tokens. They also explore the dominance of institutional investors over retail, the shifting dynamics between Bitcoin and gold, and provide rapid-fire predictions for the upcoming crypto cycle.
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Macro Liquidity Convergence In 2026
- Macro liquidity is shifting from bifurcation to convergence, which should ease conditions for risk assets in 2026.
- Fed QT ended, reverse repo buffers are exhausted, and global central banks are moving toward easing, pushing liquidity back into markets.
Gold As The Canary For Debasement
- Gold surged as central banks accumulated reserves, signaling a classic debasement trade.
- Bitcoin has lagged gold recently despite similar macro drivers, creating a notable divergence to watch.
U.S. Treasury Market Is A Fragile Glass House
- The U.S. Treasury market is fragile due to massive deficits and reliance on short-term issuance.
- Plumbing fragility may force policy levers like reserve support or SLR exemptions to absorb $10T of refinancing pressure.