Friday, 20 February 2026

Why Alt Season Never Happened: Understanding Liquidity

In this video: we talk about why alt season did not happen this cycle. For years, we have talked about Bitcoin Dominance and why it was important. We discussed social interest and monetary policy. Now we have published a liquidity risk metric which helps identify the macro regime we are in so that we can understand what is trying any given bull market or crisis. Video by Benjamin Cowen.

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On February 20, 2026, Bitcoin (BTC) is trading at approximately $67,024 USD, continuing to stabilize after a volatile start to the year that saw its weakest first 50 days on record. Buy Bitcoin >>



Bitcoin Insights

-Difficulty Adjustment: The Bitcoin network underwent a significant 15% difficulty increase, the largest since 2021. This reflects a rebound in hashrate despite the recent price slump.

-Macroeconomic Data: Today’s release of U.S. Q4 GDP (2.8%) and December PCE inflation data (3.0% YoY) are acting as high-impact pivots for short-term price direction.

-Regulatory Progress: Cautious optimism has emerged regarding the Clarity Act, a U.S. digital asset bill, following White House meetings between crypto firms and banks.

-TF Activity: Persisting outflows from spot Bitcoin ETFs (notably BlackRock's IBIT) continue to exert downward pressure as institutional entry prices are currently estimated to be underwater at ~$81,600.

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