According to @Andre_Dragosch, BTC has not shown a stable correlation with Fed net liquidity as Bitcoin trended higher in 2025 despite weak Fed liquidity, indicating global money supply is the more relevant driver for BTC performance (source: X/@Andre_Dragosch, Nov 2, 2025). He adds that if the SOFR-FFR spread continues to widen, the Fed is likely to inject more liquidity, which is short-term risk-off and bearish but medium- to long-term bullish for BTC in an SVB-like funding-stress setup (source: X/@Andre_Dragosch, Nov 2, 2025). For trading, this implies prioritizing global money supply metrics over Fed net liquidity when modeling BTC beta and monitoring the SOFR-FFR spread to time potential risk-off shocks followed by a liquidity pivot (source: X/@Andre_Dragosch, Nov 2, 2025).