ChainThink report, December 19: Delphi Digital's 2026 Market Outlook highlights that the global macro environment is shifting from divergence to convergence, with major central banks now pivoting toward rate cuts and fiscal deficits driving rising liquidity demand. As Federal Reserve quantitative tightening nears its end, the U.S. Treasury General Account may decline, and the People’s Bank of China increases support, global liquidity is expected to improve by 2026. The report also notes that while markets may not receive the same level of liquidity as in 2020, conditions are now in place for a clearer, more predictable easing cycle—major central bank policies will begin to align, and deficit spending will drive greater debt monetization.

The report states that global M2 and gold prices have hit new highs, with central banks continuing to accumulate gold, indicating a sustained trend of monetary depreciation. Historically, gold has led liquidity indicators, which typically precede Bitcoin performance—suggesting Bitcoin and similar assets should benefit.