According to Andre Dragosch, global money supply is at a new all-time high, challenging simple liquidity-driven explanations for recent BTC moves, Source: Andre Dragosch on X, Dec 30, 2025. He states that the historical correlation between BTC and central bank liquidity measures such as net liquidity and bank reserves has been rather low, Source: Andre Dragosch on X, Dec 30, 2025. Based on this, traders should be cautious about using central bank liquidity as a standalone signal for BTC direction and consider multi-factor frameworks instead, Source: Andre Dragosch on X, Dec 30, 2025. In practice, this suggests prioritizing market-specific drivers over assumed tight beta to central bank balance sheets when building BTC risk models, Source: Andre Dragosch on X, Dec 30, 2025.