Bitcoin can be the right answer to monetary debasement and still trade like a high-beta liquidity asset while the credit cycle moves against it. Bitcoin's Liquidity Winter Is Not Over Yet Bitcoin is not trading in a vacuum. It tries to capture worldwide central-bank liquidity, private credit, collateral conditions, and the cross-border balance-sheet capacity that lets investors add risk. His longer-run estimate puts bitcoin's average liquidity beta at 9.5 times. A liquidity contraction can punish bitcoin today while setting up the political response that strengthens bitcoin's monetary case tomorrow.