Bitcoin’s sharp recovery this week, one of its biggest rallies of the year, was linked by Metaplanet CEO Simon Gerovich to the U.S. Treasury’s decision to expand liquidity rather than to a major crypto announcement. Gerovich said the move challenges Bitcoin’s traditional image as an asset operating outside the financial system. He argued that Bitcoin now behaves like an asset influenced by liquidity and collateral conditions (the availability and quality of pledged assets) across broader financial markets, leaving its price exposed to decisions by governments, central banks and financial institutions.