According to @BullTheoryio, gold has reached a new all-time high and has historically led BTC during liquidity upcycles, with Bitcoin following after a lag. Source: @BullTheoryio. The source cites 2016–2017 and 2020–2021 as precedents where gold advanced first under improving liquidity or QE, then BTC accelerated once gold momentum weakened. Source: @BullTheoryio. For 2025, the source points to three Fed rate cuts, approximately 40 billion dollars per month in U.S. Treasury T-bill purchases, and record global money supply as signs of improving liquidity while gold trends strong and BTC lags, implying a potential rotation setup. Source: @BullTheoryio. The source adds that gold appears overbought near term, and a cooling in gold could precede a BTC outperformance phase similar to prior cycles. Source: @BullTheoryio. Market-cap context from the source notes BTC around 1.8 trillion dollars versus gold near 31 trillion dollars, with gold adding roughly 17 trillion dollars over the last two years. Source: @BullTheoryio.