Observing this rally in Bitcoin, an interesting point is emerging. Recently, when BTC broke the $71,000 level, there was a different energy in the market. Currently, the price is around $77,140, showing a strong move over the past few weeks.

According to Altura co-founder Ranveer Arora, this is not just a game of ETF money. He believes the real story lies elsewhere — positions are being reset, and after the halving, supply flexibility has decreased. When selling pressure subsides and traders start shifting their positions, the flow of leverage and derivatives rapidly pushes prices higher.

But here’s an important point — how deeply is this Bitcoin momentum connected to the global liquidity landscape? Arora says that BTC is no longer functioning like a safe asset such as gold, but has become a high-beta reflection of fluctuations in global liquidity.

LetsExchange’s CPO Alex J. has a slightly different perspective. He believes that geopolitical tensions and increasing uncertainty are driving this rally. When I asked him if this rally will last long, he clearly said — maybe not. But he also doesn’t expect a major downturn.

He explained that when instability occurs in the global financial system, Bitcoin cannot directly compete with safe assets like gold. This is an interesting observation because it shows how much the crypto market still depends on liquidity. The decrease in supply flexibility and position dynamics are still determining the direction of prices.