[Digital Today reporter Kim Ye-seul (김예슬)] BeInCrypto, a blockchain outlet, reported on Feb. 27 (local time) that bitcoin is falling even as global liquidity expands at a rapid pace.

Global money supply hit a record $144 trillion in December 2025. That was up $13.6 trillion, or 10.4 percent, from a year earlier. An additional $44 trillion has flowed in since the COVID-19 pandemic, and the fastest growth rate in that period was +18.7 percent in February 2021.

Amid the liquidity increase, gold is rising as expected. Jurrien Timmer (주리엔 티머), global macro director at Fidelity, said, "Even after short-term pullbacks, gold sees buying flow in quickly and continues a typical bull market."

By contrast, bitcoin, often called "digital gold", is declining. Timmer said, "Gold is a pure safe-haven asset, but bitcoin has strong speculative elements, so it does not rise on liquidity increases alone." Unlike gold, bitcoin rises when liquidity expansion and speculative demand coincide. Gold is just one thing, so-called "hard money", but bitcoin has a dual identity as potential hard money and a speculative asset.

An analysis of software and SaaS indexes together with money supply growth shows that when speculative elements weaken, the impact of liquidity expansion on bitcoin is limited. Historically, a strong bull market formed when liquidity and speculative demand coincided, but now the speculative market is weakening even as liquidity increases. That is, the global market has ample liquidity, but speculative sentiment is weak. This is said to be driving gold higher while bitcoin stalls.

Timmer said, "We are currently seeing enough liquidity growth, but we are in a bear market for speculation. As a result, bitcoin is stagnating, while gold and money supply are rising." As a result, bitcoin is staying in a stagnant state, but gold and money supply are rising. Increases in global liquidity alone do not guarantee a rise in the cryptocurrency market, and bitcoin may rise again if speculative demand recovers, the outlet reported.