Delphi Digital 2026 Outlook: Liquidity Turning Point Expected to Drive Bitcoin and Gold Higher

According to TechFlow, on December 19, Delphi Digital released its latest "2026 Market Outlook" report, which points out that despite the subdued sentiment in the crypto market, the macroeconomic environment is shifting from divergence to convergence, and global central banks have begun an interest rate cut cycle. The Federal Reserve has ended quantitative tightening, and it is expected that by the end of 2026, the federal funds rate will fall below 3%, which is likely to boost global liquidity. The report emphasizes that the record high in gold prices reflects an accelerating trend of currency devaluation, with central banks having purchased over 600 tons of gold in 2025 and expected to continue accumulating at a pace of 70 tons per month in 2026. Meanwhile, the massive U.S. fiscal deficit (USD 1.5-2 trillion annually) is squeezing liquidity in the funding markets and putting pressure on the U.S. Treasury market. Analysts believe that as the liquidity environment improves, inflation-resistant assets such as bitcoin will benefit from favorable conditions, but the market will not see a return to the "liquidity firehose" level of easing seen in 2020-2021.