According to external sources, Jurrien Timmer, Global Macro Manager of Fuda, argued that the high speculative funds that had driven the upswing of bitcoin and gold in the previous period were being withdrawn and turned to technology blocks such as semiconductors. As global liquidity decelerates and the dollar strengthens, the pressure on risk assets is rising.

Money to the semiconductor plate

Timmer states that such “fast money” initially concentrated in bitcoin and then turned to gold, driving the associated assets up fast for one time. In the near future, however, funds have been withdrawn further from precious metals and have begun to pursue technology plates, particularly semiconductor companies.

In his judgement, this means that alternative reserve value assets, previously driven by a combination of liquidity and speculation, are losing some of the short-term buyout support.

Global M2 growth has slowed.

According to Timmer, the pricing of gold has changed in recent years. In the past, gold was usually inversely associated with real interest rates, but this pattern became apparent after the beginning of 2022, more like a map of global liquidity.

According to the data he quoted, the global M2 rate of increase rose to 12 per cent at the beginning of 2026, pushing the gold to 5595 dollars. Global M2 growth then fell to 7 per cent, and gold fell to $3959.

However, he considered that the current round of sales was overreacting. This is due to the fact that, although liquidity has slowed, the decrease has not been large enough to fully explain the apparent fall in gold.

United States dollar up to 10188

At the same time, there is a general expectation in the market that the Fed could reverse the previous interest rate reduction path, which has contributed to the continued strengthening of the dollar. Timmer argues that, against the backdrop of a major central bank’s renewed preference for eagles, the dollar index has moved out of the long-term universe.

It is mentioned that the United States dollar index DXY has risen to 101.8, and the critical resistance position has been breached. In a more stringent financial environment, risk assets such as bitcoin are usually more easily charged.

By the time of the article, bitcoin was still difficult to organize above $60,000, indicating that the market remained sensitive to tight liquidity and strong dollar positions.