Key Highlights
- 30, 2025 at 1:36 pm UTC Share Cover art/illustration via CryptoSlate.
- Image includes combined content which may include AI-generated content.
- Bitcoin's 2025 rally sat on a liquidity foundation that looks solid until investors examine what changed in the final quarter. Some analysts point to global liquidity indexes hitting record highs and declare the wave is still building.
- Others cite CrossBorder Capital's high-frequency tracking and argue momentum peaked in early November, with the US cycle now rolling over. Both camps are looking at real data.
- The question is whether liquidity level matters more than its direction, and what that split means for Bitcoin heading into 2026. Record highs and fading momentumThe Bank for International Settlements data on global liquidity shows that 2025 opened with genuine expansion: cross-border bank credit in foreign currencies hit a record $34.7 trillion in the first quarter, with dollar, euro, and yen credit growing 5% to 10% year-on-year. By end-June, BIS' broader global liquidity index still showed foreign currency credit growing 6% in dollars and 13% in euros versus a year earlier.
