I don't think these charts mean anything.

Bitcoin trades very differently pre-ETF vs post-ETF.

Gold trades very differently post Bitcoin being a credible MoE threat.

Obviously, I don't know what's going to happen, but my best guess is that Bitcoin won't be hitting $200K this year, but anything is possible.

I don't think we are in a usual liquidity cycle - meaning I don't think 2026 = 2022.

I think financial repression (3-4% CPI), short shocks -> fast patches, liquidity choppy but net accommodative.

If Bitcoin reaches $150K this year, I'd be quite happy.

The margin requirements for hedging positions of gold and silver futures were recently increased.

This means the regulators aren't liking the move in gold/silver.

Historical pattern: margin hikes amplify selloffs and truncate blow-off tops. After the “exhaustion” flush and facility hints, markets rebound, but the speculative corner stays contained by persistently higher margin/haircuts.