Richard Teng joins Jenny Johnson and Yuval Rooz at TOKEN2049 to discuss tokenized assets, global liquidity and onchain settlement.

Coinbase activates direct INR rails in India, delivering instant cheap access to global liquidity and institutional execution for local users.

According to Binance Research, the cryptocurrency market and global liquidity have experienced their longest divergence due to AI-driven disruptions in the software sector, impacting fiat currency dynamics. Historically, such divergences have been resolved within months. Binance Research suggests that as software stabilizes, Bitcoin (BTC) may realign with its foundational monetary attributes, potentially influencing trading strategies.

According to Standard Chartered, stablecoins are projected to allocate $1 trillion into U.S. Treasury bills by 2028. This trend underscores the increasing integration of stablecoins into traditional financial instruments and their growing role in global liquidity. The move could have significant implications for both crypto and traditional markets, offering stable returns and enhanced market stability.

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.

According to @AltcoinDaily, Marathon Digital (MARA) CEO Fred Thiel attributes Bitcoin’s latest surge to a massive global liquidity shift, as stated in a video clip shared on X on Jan 14, 2026 (source: Altcoin Daily on X, Jan 14, 2026). The post characterizes BTC’s move as macro-liquidity driven rather than crypto-specific, highlighting liquidity conditions as the primary catalyst for price action during this rally (source: Altcoin Daily on X, Jan 14, 2026).

According to @caprioleio, Bitcoin (BTC) has decoupled from money supply and global liquidity flows, indicating a break from prior macro-driven price dynamics (Source: @caprioleio on X, Jan 13, 2026). According to @caprioleio, 2025 marked BTC’s entry into a “Quantum Event Horizon,” where the time to a non-zero probability of a quantum computer breaking Bitcoin’s cryptography is now shorter than the estimated time required to upgrade Bitcoin (Source: @caprioleio on X, Jan 13, 2026). According to @caprioleio, capital is repositioning to account for this quantum-security risk, implying market flows are adjusting to perceived cryptographic vulnerability timelines (Source: @caprioleio on X, Jan 13, 2026).

According to @KobeissiLetter, global sovereign wealth funds’ assets under management have reached a record 15.2 trillion dollars, marking the third consecutive annual increase. According to @KobeissiLetter, since 2022 AUM has risen by 4.6 trillion dollars, or 43 percent, amid the AI rally, and the post does not include any crypto-specific allocation details.

According to @CryptoKing4Ever, Bitcoin is as undervalued against global liquidity now as it was at the 2018 bottom, implying a macro generational floor may be forming, source: @CryptoKing4Ever. BTC’s 2018 cycle low occurred in December 2018, providing the reference point for the comparison in the post, source: TradingView. The post does not include any underlying dataset or chart to substantiate the undervaluation versus global liquidity claim, source: @CryptoKing4Ever. In liquidity-based macro analysis, the Bank for International Settlements defines global liquidity as the ease of financing in international markets through cross-border credit and funding in key currencies, which market participants use to gauge risk-asset sensitivity, source: Bank for International Settlements. Traders applying this framework typically validate such a thesis by monitoring BIS global liquidity indicators alongside major central bank balance sheets as proxies for system-wide liquidity before positioning in BTC, source: Bank for International Settlements and Federal Reserve.

According to @DowdEdward, Trump’s latest remarks signal deflation risk, drawing a parallel to the European Central Bank’s moves during the 2014 low-inflation episode. source: Edward Dowd, Twitter post dated Dec 10, 2025 In 2014 the ECB pushed the deposit facility rate below zero and launched targeted longer-term refinancing operations to counter persistently low inflation, as formally announced on June 5, 2014. source: European Central Bank, Press Release, 5 June 2014 Historically, credible deflation risk raises rate-cut expectations and encourages balance-sheet policies that compress term premia and lower long-term yields. source: Federal Reserve, Gagnon et al., 2011, The Financial Market Effects of the Federal Reserve’s Large-Scale Asset Purchases Easier global liquidity has coincided with higher beta behavior in crypto, with Bitcoin’s correlation to equities rising notably since 2020, making BTC and ETH sensitive to policy easing. source: International Monetary Fund, 2022, Crypto Prices Move More in Sync With Stocks, Posing New Risks Traders should track front-end rate expectations and the dollar for near-term direction in BTC and ETH via CME FedWatch and the ICE U.S. Dollar Index. source: CME Group, FedWatch Tool methodology; ICE Data Indices, U.S. Dollar Index

According to André Dragosch, he expects many investors will regret selling BTC over the next 6-12 months because he anticipates a major liquidity expansion, stating that the printer is coming big time source: André Dragosch on X, Nov 17, 2025. Historical evidence shows that expansions in global liquidity have coincided with stronger performance in risk assets including Bitcoin, indicating a potential bullish catalyst if liquidity easing materializes source: Bank for International Settlements, Quarterly Review June 2023. Traders can position around this thesis by monitoring forward rate expectations, central bank balance sheets, and Treasury cash and bill issuance that directly affect bank reserves and system liquidity source: CME Group FedWatch Tool; Board of Governors of the Federal Reserve System H.4.1; U.S. Department of the Treasury Quarterly Refunding documents. For confirmation, market participants often track real yields and broad dollar indexes as proxies for financial conditions that can drive crypto flows source: Federal Reserve Economic Data FRED for 10-year TIPS yields and broad trade-weighted dollar index.

According to @Andre_Dragosch, high valuations alone are not a sufficient condition to end a bull market and traders should focus on liquidity as the primary driver of risk-asset cycles. Source: @Andre_Dragosch on X, Nov 10, 2025. According to @Andre_Dragosch, for crypto this implies prioritizing liquidity conditions over valuation extremes when assessing trend sustainability and momentum in BTC and ETH. Source: @Andre_Dragosch on X, Nov 10, 2025. No specific liquidity metrics were provided in the post, but the guidance centers on liquidity’s dominance over valuation in market regime assessment. Source: @Andre_Dragosch on X, Nov 10, 2025.

According to @cryptorover, global liquidity keeps hitting new all-time highs; source: Crypto Rover on X, Nov 8, 2025. The post does not include specific metrics, charts, or a defined liquidity gauge, but it flags a macro condition that crypto traders track for context; source: Crypto Rover on X, Nov 8, 2025.