The Milk Road Show Does Crypto Only Move on Liquidity? And Why 2026 Might Go Parabolic w/ Jamie Coutts
9 snips
Dec 11, 2025 
Jamie Coutts, Chief crypto analyst at Real Vision, dives deep into the factors that caused the Q4 Bitcoin rally to fizzle out. He explores the role of liquidity in crypto markets and discusses the end of price boosts from Digital Asset Funds (DAFs). Jamie introduces his unique Economic Network Intensity (ENI) metric, revealing how it can enhance valuation models for smart contracts. He also touches on how Solana's fundamentals align with ENI while highlighting outliers like Cardano that still perplex analysts.
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Liquidity Drives Short-Term Crypto Moves
- Liquidity is the dominant short-term driver of Bitcoin and crypto price action.
- Monetary and fiscal interventions amplify or mute adoption trends over months to years.
Watch Fed Balance Sheet Changes
- Expect balance-sheet expansion to resume and monitor Fed asset purchase levels closely.
- Adjust risk exposure as liquidity changes because asset sensitivity to liquidity is large.
Two Secular Forces Behind Crypto
- Crypto has two secular drivers: fiat debasement and technological adoption.
- Liquidity amplifies these secular trends but doesn't negate long-term adoption.