Bitcoin has reclaimed the $80,000 area and is now trading near $80,400. The latest weekly candle is green after last week’s fade toward $77,000. That is a floor reclaim after the mid-year correction from the $60,000s, not a new impulse.

Today the Ainslie Research team brings you the latest monthly update on where we are in the Global Macro Cycle, driven by the Global Liquidity Cycle, and the implications for Gold, Silver, and Bitcoin. This summary highlights the key themes discussed with our expert panel. We encourage you to watch the recorded video of the full presentation for the detailed explanations and the rich discussion between the panel members.

Bitcoin has recalibrated near key supports with bearish inclination on the momentum indicator while gold and silver continue to show weakness, yet maintain structural resilience.

Bitcoin has recalibrated near key supports with bearish inclination on the momentum indicator while gold and silver continue to show weakness, yet maintain structural resilience.

Global liquidity and macro cycles remain supportive into 2026, with key implications for gold, silver and Bitcoin amid slowing momentum and persistent fiscal dominance.

Today the Ainslie Research team brings you the latest monthly update on Bitcoin – including the Macro fundamentals, market and on-chain technical metrics and all of the other factors currently driving its adoption and price.

October’s macro update shows a maturing global liquidity cycle with nominal growth intact but rate-of-change slowing, implying a cautious transition to mid-cycle. Bitcoin, gold, and silver remain poised for upside through year-end, supported by fiscal dominance and structural tailwinds.

Bitcoin's performance remains closely tied to global liquidity trends, which have slowed in recent weeks but are expected to improve into Q4. Meanwhile, institutional adoption is accelerating, with ETFs and corporate holdings marking Bitcoin’s emergence as a strategic asset amid evolving macro conditions.

The global economy remains in an extended early phase of the macro cycle, with uneven but elevated liquidity and stabilising inflation opening the door to continued asset growth. Bitcoin’s short-term softness may present buying opportunities, while gold holds firm and silver is increasingly favoured amid industrial momentum and a falling gold-to-silver ratio.

Bitcoin’s price action remains tightly linked to global liquidity, which is forecast to improve into Q4 amid widespread central bank easing and rising PMIs. With macro conditions supportive and policy direction favouring risk assets, Bitcoin appears well-positioned for strong performance into year-end.