I just came across an interesting piece of news—top CEOs of leading European asset management firms openly said that the likelihood of the European Central Bank raising interest rates in 2026 is almost zero, even going as far as to call such a move "crazy." Interest rate futures also clearly indicate that no one is betting on Europe raising rates next year.

At first glance, doesn't this give a strong liquidity boost to the crypto market? Major economies' central banks maintaining loose policies for a long time should theoretically cause Bitcoin to respond accordingly, but what is the reality? Bitcoin's price remains flat, with not even a decent pulse.

Strange, right? Actually, not at all. Because global capital is voting with real money—telling us a hardcore reality: a "liquidity war" that will determine the flow of wealth over the next decade has already begun, and Europe is becoming a bystander.

The key question is: where exactly is the "main switch" of the global capital markets? Is it the Federal Reserve, the U.S. economy, or the dollar system? The "dovish" stance of the European Central Bank has long been common knowledge—Germany's weak economy, France's tight budget, their easing isn't a voluntary choice but a response to circumstances. This passive easing of liquidity, and market confidence in it, is far inferior to the confidence in actively loosening monetary policy by robust economies.

How do smart capital minds think? Borrow euros (low interest rates, gloomy economic prospects), then convert to dollars for investment. This is the logic of capital—betting on a strong currency rather than holding a weak one and waiting passively.