From Rebel Asset to Macro Instrument Heading into 2026, the dominant view is that Bitcoin may enter a quieter phase: fewer explosive rallies, more consolidation, more patience required. That’s framed as healthy. What it really signals is Bitcoin’s absorption into the macro asset universe, where price is driven less by ideology and more by liquidity, policy expectations, and capital rotation. That shift changes everything. Liquidity, Not Belief, Sets the Tone Bitcoin now responds to the same forces that move other risk assets: interest rates, balance-sheet expansion, global liquidity flows. It can be fundamentally strong and still sell off sharply if liquidity tightens. In that environment, Bitcoin doesn’t fail—it gets used as a source of cash. The risk in 2026 isn’t…
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