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Featured image for article: Crypto Has Entered Late-Cycle Territory, Says Global Liquidity Veteran

Crypto Has Entered Late-Cycle Territory, Says Global Liquidity Veteran

November 26, 2025NewsBTCgeneral
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Global liquidity specialist Michael Howell used an appearance on the Bankless podcast to deliver a clear, if uncomfortable, message for risk assets: the post-GFC “everything bubble” is ending as the global refinancing machine rolls over, and crypto is late in that cycle rather than at the start of a fresh one. Howell's starting point is his own definition of liquidity, which diverges sharply from textbook aggregates like M2.

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