According to Matrixport's analysis, the correlation between global liquidity and Bitcoin price increase has certain limitations. The global liquidity indicator measured by the total monetary supply of 28 central banks (USD standardized), while visually similar to Bitcoin's price trend, is questionable in its predictive accuracy due to non-stationarity of time series and scale differences. The analysis points out that although monetary supply growth may have a lagging impact on the Bitcoin market, there is no strong theoretical support for this lag time. Moreover, while Bitcoin's correlation with Nasdaq has slightly increased in recent years, it remains below the 60% peak during COVID, indicating that Bitcoin trading is more driven by its own rules rather than serving as a proxy asset for tech stocks. Matrixport believes that Bitcoin's broad consolidation may continue, and relying solely on liquidity indicators to predict market trends might not be reliable. In contrast, focusing on native driving factors of cryptocurrencies or macro variables with direct policy impact (such as political leaders supporting cryptocurrencies) may be more valuable. Despite potential mathematical deficiencies in market perception, its widespread acceptance could still have practical effects on market behavior.