What Bitcoin Did Bitcoin, Gold & the Coming Liquidity Pivot | Lyn Alden
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Nov 18, 2025 
In this discussion, Lyn Alden, a macroeconomist and author of 'Broken Money', delves into the shifting landscape of global liquidity. She explains the end of quantitative tightening and its implications for Bitcoin and gold. Lyn analyzes why Bitcoin may be stagnating this year due to changes in liquidity and AI's impact on investment flows. She also discusses gold's recent surge, attributing it to fears around fiscal dominance. With insights on market cycles and the future of interest rates, Lyn provides a compelling outlook for both Bitcoin and gold.
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End Of Quantitative Tightening
- The Fed is pivoting from shrinking to a flatter then slowly expanding balance sheet, marking a multi-year macro shift.
- This transition signals a move away from quantitative tightening toward gradual base liquidity increases.
Bitcoin As A Liquidity Signal
- Bitcoin often signals liquidity shifts because it's a relatively free and sensitive market.
- Correlations to liquidity exist over longer horizons, though idiosyncratic events also move price.
Stagnation, Not Catastrophe
- Bitcoin's issue this cycle is stagnation, not a single crash, due to long plateaus between highs.
- Lengthy flat periods matter more than sharp corrections for market sentiment.
