The latest financial analysis reveals that the United States is entering a new round of liquidity release cycles, which may become a driving force for Bitcoin and other risk assets to continue rising until 2026. The current funding structure and credit environment are quite similar to the early stages of past bull runs, showing a combination effect of ample liquidity, improved credit environment, and a tendency towards loose policies, which is pushing Bitcoin prices upward.

The size of U.S. money market funds has reached a record high, skyrocketing from $3 trillion in the fourth quarter of 2018 to $7.4 trillion, with an annualized interest of up to $320 billion. These funds are becoming an important new source of capital for high-yield assets. At the same time, corporate buyback plans are also ongoing, with expectations that the total scale for the year 2025 will exceed $1.1 trillion.

Since 2008, the scale of interest on reserves paid by the Federal Reserve to commercial banks has reached 3.4 trillion dollars, with annual interest as high as 176 billion dollars. In the current high interest rate environment, money market funds and commercial banks will directly benefit from this.

The credit market is also showing signs of recovery. U.S. commercial and industrial loans have increased by $74 billion since April 2025, indicating that a new round of credit expansion may have begun. The ongoing narrowing of credit spreads, improved financing conditions, and market expectations for future interest rate cuts may all have a positive impact on the Bitcoin market.

In terms of fiscal policy, after the increase in the U.S. debt ceiling, the Treasury has net issued $789 billion in government bonds in just six weeks, a move that could become a catalyst for a new round of Bitcoin pump.

It is worth noting that recently, approximately $1.82 billion in stablecoins has flowed into major cryptocurrency exchanges, indicating that investors may be preparing to increase their holdings or seize short-term trading opportunities, which suggests that market prices may further pump.

Overall, the new round of liquidity release in the U.S. market, coupled with improvements in the credit environment and a shift in policy, has created a favourable rising environment for Bitcoin and other risk assets. Investors should closely monitor changes in these macroeconomic factors to seize potential investment opportunities.