Liquidity is picking up again, and this is becoming increasingly clear. It's not just the Fed—major central banks around the world are shifting direction, and it's only a matter of time before balance sheets start expanding again. Precious metals have already given the first signals, as they often sense liquidity turning points earlier. In contrast, BTC is still going through its own 'growing pains.' The four-year cycle pressure and ongoing sell-offs by OG whales are creating short-term resistance. But once these factors are gradually digested, under the backdrop of improving liquidity, whether BTC will see a significant catch-up rally and how far this rally can go will be key points to watch.