According to @julian2kwan, Julien Bittel’s data shows a sharp divergence between liquidity-aligned equities near record highs and BTC pricing a liquidity peak, implying both signals cannot be right, source: Julian Kwan on X (Jan 15, 2026), citing Julien Bittel, CFA, https://x.com/BittelJulien/status/2011786805100601815; https://twitter.com/julian2kwan/status/2011824094891950267. The data indicates global liquidity has not yet peaked and financial conditions imply liquidity is still rising, source: Julian Kwan on X (Jan 15, 2026), citing Julien Bittel, CFA, https://x.com/BittelJulien/status/2011786805100601815; https://twitter.com/julian2kwan/status/2011824094891950267. Equities, credit, and broader risk assets are behaving as expected in a rising liquidity regime, while BTC is the current anomaly versus macro and liquidity fundamentals, source: Julian Kwan on X (Jan 15, 2026), citing Julien Bittel, CFA, https://x.com/BittelJulien/status/2011786805100601815; https://twitter.com/julian2kwan/status/2011824094891950267. Bittel highlights large “Excess Fear Gaps” and suggests events around 10/10 temporarily distorted BTC price discovery, underscoring that the direction of global liquidity is the key battlefield into 2026, source: Julian Kwan on X (Jan 15, 2026), citing Julien Bittel, CFA, https://x.com/BittelJulien/status/2011786805100601815; https://twitter.com/julian2kwan/status/2011824094891950267. For trading, the setup into 2026 reduces to two paths: either equities are mispricing liquidity or BTC is correctly signaling a peak and risk assets roll over, making global liquidity the primary driver to monitor, source: Julian Kwan on X (Jan 15, 2026), citing Julien Bittel, CFA, https://x.com/BittelJulien/status/2011786805100601815; https://twitter.com/julian2kwan/status/2011824094891950267.