🧐 The necessary path for Bitcoin to reach one million coins | The next bull market is not just a price bull market, but a structural reassessment—— I have been thinking repeatedly about what the biggest opportunity for Bitcoin's next round is: Currently, Bitcoin has made a significant mark in history: The United States recognizes spot ETFs for Bitcoin Acceptance of mainstream assets and listed companies The construction of faith and the popularization of global cognition The reserve construction of sovereign funds and century old funds Walking on the path of national reserves in the United States; Where is the next round? Can Bitcoin turn into a truly global high beta, boundaryless asset at a time of structural change when global assets are re anchored? Is it possible to become a marginal asset that is not affected by tariffs, does not rely on geopolitics, and can capture global risk preferences!? Prior to this, Bitcoin needed to decouple from the US stock market or even from the US dollar peg; But can Bitcoin really decouple from the US stock market? This is something I have been thinking about repeatedly lately. I happened to see @ fejau_inc's article: https://(x.com)/fejau_inc/status/1912576594083971147 There are several interesting viewpoints inside: Once the global deleveraging process stabilizes, Bitcoin will become the best trading opportunity: not only because it has global liquidity exposure, but also because it no longer needs to be tied to the "tank" of the US stock market. This may be the first time since the birth of Bitcoin that there has been a structural change in the global liquidity dominance pattern. If you understand this, you will know: The real big opportunity is approaching. 🧵 Here is my analysis: 1/ Many people associate the price trend of Bitcoin with the US stock market, but this is actually a statistical 'false correlation'. Bitcoin ≠ US stock market. It looks related to the US stock market because they are both driven by 'global liquidity'. The true core variable has always been global liquidity. 2/ Michael Howell once verified through Granger causality test: Global liquidity → Bitcoin price instead of: US stock → Bitcoin price It's like when the sea rises, all the ships will float up. Bitcoin and the US stock market just happen to be on board. 3/ In the past decade, the United States has dominated global liquidity due to its largest fiscal deficit. This has made US dollar assets (US stocks, technology stocks) the preferred choice for global funds, and even pushed up Bitcoin. But now, this pattern is changing. 4/ What Trump wants to do is simple but profound: cut our deficit in foreign trade Drive the weakening of the US dollar Forcing other countries to expand their finances Forcing global capital to 'de dollarize' This means an important shift: Global liquidity will shift from 'US led' to 'multi center driven' 5/ Once this switch occurs, funds will withdraw from US bonds and stocks and flow towards other countries. In this process of de dollarization and deleveraging, gold has already begun to take off. But the more agile and borderless asset - Bitcoin - has not really started yet. 6/ Bitcoin cannot be taxed, has no borders, and there is no need to worry about central bank policies in any country. It is a pure global asset and an allocation tool designed for the next stage of liquidity restructuring. Gold was the currency of the past, Bitcoin is the future anchor of liquidity. 7/ The correlation between Bitcoin and gold is becoming increasingly high, and its correlation with the US stock market is about to break. This market trend may become the first battle for BTC to decouple from the US stock market. And when this decoupling is recognized by the market, it is the beginning of its acceleration. 8/ So now my focus is not on 'price', but on structural opportunities. Once the dust of global deleveraging settles, Bitcoin will be the first to take off and accelerate forward. This is one of the biggest asymmetric trading opportunities I have seen. Conclusion—— Can Bitcoin really decouple from the US stock market? I think the direction is right, but the path will not be simple and the time will not be short. But it is the biggest opportunity of the next decade and the necessary path for Bitcoin to reach one million coins; This is more like a structural evolution than a short-term trading logic. But to achieve true decoupling of BTC, there are two prerequisites: ① The dominance of global liquidity is spreading from the United States to multiple centers More funding sources no longer rely on printing US dollars, but come from China, India, the Middle East, and even Web3 native. ② BTC transforms from a speculative commodity to a configuration commodity When sovereign wealth funds, pension funds, and multinational corporations allocate BTC as "digital gold," it has the inherent support of independent liquidity. So, I believe this trend will happen, but it won't be linear. The future of Bitcoin is not about "de tech demutualization", but about "globalization". It does not belong to the United States, nor does it belong to any country; It is the only neutral high beta asset in the next-generation capital structure. And this structural repricing is the real opportunity worth waiting for.