The analysis discusses the Global Liquidity Index's correlation with Bitcoin, noting it's grinding higher and approaching new highs. A 75-day lag is considered. The Global Liquidity Index includes central bank balance sheets, offering a fuller picture compared to the Global M2 chart, which only looks at global money supply. Rising global money supply is seen as bullish for Bitcoin on a medium-term timeframe. The US Dollar Index is showing weakness, nearing new lows, attributed to expected rate cuts. Core PPI data is favorable, potentially influencing upcoming CPI data, which could give the Fed more room to cut rates. The unemployment rate is rising. The analysis also touches on current portfolio positioning, mentioning a significant cash position, Bitcoin, Ethereum, and Solana holdings, which have been flat recently. Ethereum, after a six-day outflow streak in its ETFs, needs to maintain support at around $4000.