Analysis: Liquidity may become a negative factor for Bitcoin; the current macroeconomic structure is similar to that of 2022.

CoinFeed reported on April 13th that, according to Delphi Digital analysis, liquidity could become a headwind for Bitcoin. February's PCE data showed that US consumer spending was already weak before the impact of the Iran war. Incomes contracted, and real spending saw almost no growth. Subsequently, March's CPI recorded 3.3%, with energy contributing three-quarters of the increase. The US Policy Leading Economic Index (LEI), which leads real yields by about six months, is declining. The last time this occurred was in 2022: tight monetary policy met with an energy shock. That year, the correlation between Bitcoin and real yields turned deeply negative.