🟡 [E464] Questions whether we should account for source of liquidity. If all from China, interesting to see if it gets to Bitcoin via Hong Kong. Gold reacting to current liquidity could act as conduit to other risk assets on a lag.

💬 [E381] Questions whether we should account for the source of liquidity — if it's all from China, it may get to Bitcoin via Hong Kong differently. Perhaps gold reacts to current liquidity and acts as conduit to other risk assets on a lag.