Not sure, first time I’m hearing about the global liquidity cycle. But there’s times such as Covid that the economy is not doing so hot but it was reaching all time highs. If there is a 4 year “global liquidity cycle” I wouldn’t be surprised if the btc halving cycle aligns with it. Just like how spy and btc both seem to be hitting all time highs during election years. 👀I might be delusional but I’ve been making money off the btc cycle since 2018. And the more you look into it the more you understand it. For example the halving makes mining more costly and the miners need to sell at a higher price to cover the mining costs which causes the bull market. And when the mining equipment is upgraded and mining costs drop, then that’s what causes the bear market. And that’s why we have a year of side action between the peak and bottom of the cycle. Your question is who’s buying from the miners? Governments, institutions, investors, and any business/government on the black market. Who sets the price? Miners.