According to @MilkRoadDaily, Delphi Digital co-founder Kevin Kelly and Jesse Eckel argue that Q4 2025 could kick off Bitcoin’s largest bull run driven by macro liquidity dynamics rather than in spite of them, an outlook framed for traders watching BTC cycle timing and positioning; source: @MilkRoadDaily on X, Oct 3, 2025. They highlight trading-relevant pillars including liquidity signals, a BTC valuation formula, and the relationship between U.S. debt-to-GDP and BTC as key inputs for market structure and allocation decisions; source: @MilkRoadDaily on X, Oct 3, 2025. The discussion also covers when crypto may peak this cycle, AI’s economic impact on market liquidity and narratives, and market-relevant platforms such as Nexo and Figure Markets, providing context for monitoring flows and sector leadership; source: @MilkRoadDaily on X, Oct 3, 2025. For traders, the practical watchlist from the episode is liquidity regime shifts, debt-to-GDP trends, BTC valuation drivers, and AI-related narratives when planning entries, exits, and risk controls; source: @MilkRoadDaily on X, Oct 3, 2025.