New Keyrock research finds not all newly created money impacts risk assets due to how fresh liquidity flows through the economy.
Treasury bill issuance is the primary liquidity metric that impacts Bitcoin’s (BTC) price and not the Federal Reserve or any other central bank’s balance sheet, according to a new report from crypto investment firm and market maker Keyrock.
Every 1% change in global liquidity levels impacts BTC’s price by 7.6% the following business quarter in which new money is created. However, not all liquidity impacts risk asset prices equally, Keyrock researcher Amir Hajian said.
Treasury bill issuance has had about an 80% correlation with BTC prices since 2021, and this metric leads BTC prices by about eight months, according to the report. Hajian wrote:
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