Bitcoin is currently experiencing pressure from forced selling of U.S. dollar assets due to margin exhaustion; however, macro strategist Felix Jauvin sees a potential shift towards Bitcoin as a non-national asset that could thrive amid changing global liquidity dynamics.

The U.S. has been running a significantly higher fiscal deficit compared to other nations, which has led to increased inflation and concentrated risk capital in U.S. equities and Bitcoin.

Jauvin argues that Bitcoin's value is primarily driven by global liquidity rather than U.S. equity performance, noting that liquidity trends often lead Bitcoin's spot prices by approximately eleven weeks.

He predicts that if foreign governments ramp up fiscal spending, especially on defense and infrastructure, it will enhance global liquidity outside of the U.S., positively impacting Bitcoin.

Despite its high-beta status keeping some investors cautious, Jauvin emphasizes Bitcoin's resilience and its appeal as a global liquidity asset.

Overall, Jauvin's insights suggest that Bitcoin could emerge as a leading asset once the current market adjustments are complete, driven by evolving global liquidity dynamics.

This potential increase in foreign fiscal spending could shift global liquidity away from the U.S. and into Europe and Asia, affecting the risk premium of U.S. dollar assets.

Jauvin also highlights the Trump administration's efforts to reduce the trade deficit, which may decrease the flow of U.S. dollars to foreign countries and strengthen foreign currencies.

Despite Bitcoin's current challenges, Jauvin concludes that these market adjustments are a necessary precursor to a long-term increase in Bitcoin's value, with BTC trading at $84,766 at the time of his analysis.

While Bitcoin has not yet matched gold's recent performance, it offers unique advantages as a borderless asset unencumbered by tariffs, making it an attractive investment for risk-seeking traders.

Jauvin believes the current forced deleveraging in the market is a temporary phase, setting the stage for a significant trading opportunity for Bitcoin.

He anticipates that Bitcoin will likely decouple from U.S. tech equities as non-U.S. fiscal stimulus begins to drive liquidity, marking a notable shift in capital flows.