The dichotomy between risk assets and safe-haven assets has collapsed. The framework of thinking about whether BTC is risky or a safe haven has become meaningless.

All assets are essentially liquidity assets, with the only difference being their beta relative to liquidity. The direction and changes in macro liquidity determine everything: during tightening, capital clusters around blue chips, like AI currently, until tightening becomes a collapse; gold at elevated levels may be filled with speculation, while BTC, falling first, may absorb the overflow after a bubble burst.

There is no eternal risk or safe haven—the only meaningful analysis is an asset's relative value in the current liquidity environment. If one must seek absolute safety, only cash qualifies, yet fiat currency cash remains constrained by the stability of sovereign credit. Therefore, even cash is not absolute.