Jack Mallers, the founder and CEO of Strike, has posed a provocative question on X (formerly Twitter) about Bitcoin's market trajectory, suggesting that the cryptocurrency may not have experienced a genuine bull run since 2021.

Mallers argued that while Bitcoin reached new highs in US dollar terms in 2025, it failed to sustain its position against gold - a divergence he views as a signal of a potential shift in market dynamics. The comparison carries added weight because gold itself has climbed to a series of record highs in recent years, which is why some market watchers treat Bitcoin's performance in gold terms as a stricter test of strength than dollar-based milestones. His remarks, shared in a post on X, have drawn more than 1,700 likes and significant engagement.

The Key Development

The current crypto landscape shows mixed signals, with major assets fluctuating in performance. Mallers' tweet reflects a growing sentiment among observers that Bitcoin's recent peaks may not indicate a robust bull market. Central to his argument is the impact of quantitative easing (QE) and quantitative tightening (QT) on liquidity, factors he says could influence Bitcoin's future trajectory. The macro backdrop is familiar to traders: the Federal Reserve's pandemic-era asset purchases flooded markets with liquidity in 2020 and 2021, the same period in which Bitcoin set its previous cycle top near $69,000 in November 2021, while the QT cycle that began in mid-2022 has gradually drained liquidity since. Bitcoin went on to surpass its 2021 dollar peak in 2024, a move that coincided with the January 2024 launch of US spot Bitcoin exchange-traded funds, which gave institutional and retail investors regulated exchange access to the asset. His insights come amid ongoing discussions about the macroeconomic conditions affecting cryptocurrency markets.

Mallers heads Strike, a Chicago-based financial technology company that facilitates Bitcoin payments and remittances. His analysis carries weight given his position in the industry and his focus on Bitcoin's role in the broader financial landscape. Understanding the implications of liquidity and macroeconomic factors, he suggests, is essential for grasping the challenges and opportunities facing Bitcoin today.

The Road Ahead

Traders continue to monitor Bitcoin's price action in light of Mallers' observations, with key reference points including resistance around recent highs and potential support levels that could signal buying interest. The broader checklist for market participants includes Federal Reserve policy meetings, decisions on the pace of the balance-sheet runoff that defines QT, and dollar liquidity indicators - the same macro signals Mallers ties to Bitcoin's trajectory. As liquidity conditions evolve, the market might see increased volatility, making it crucial for participants to stay informed about macroeconomic developments and their potential impact on Bitcoin's performance, the analysis notes.

Source: Coinfomania