What Bitcoin Did Liquidity, Deficits & the Real Bitcoin Signal | Sam Callahan
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Dec 19, 2025 Sam Callahan, Director of Strategy & Research at Orange BTC, dives deep into Bitcoin's surprising resilience amidst global liquidity fluctuations. He explains how Bitcoin can decouple from macro conditions and discusses the alarming implications of fiscal dominance and entitlement insolvency on the financial system. With strong fundamentals contradicting current price woes, he highlights the critical juncture Bitcoin is in. Callahan also explores innovative solutions like BitBonds for addressing financial deficits, emphasizing the need for strategic adaptability in an evolving market.
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Orange BTC's Latin America Mission
- Sam Callahan describes Orange BTC as the largest Bitcoin treasury company in Latin America and recently public on B3 in São Paulo.
- He emphasizes Orange's mission to accelerate Bitcoin adoption in Brazil through education and products.
Why Bitcoin Sometimes Decouples From Liquidity
- Bitcoin can decouple from global liquidity when idiosyncratic internal-market events or supply-side dynamics dominate price action.
- Sam Callahan argues these decouplings are temporary and liquidity will 'take the wheel' again.
Fundamentals Improving Despite Weak Price
- Fundamentals for Bitcoin are improving with institutional flows, regulatory clarity and weekly positive developments in 2025.
- Callahan sees a divergence of improving fundamentals and depressed price as an attractive long-term entry point.