For global investors, 2025 was one of the most undercurrent-filled years of the 21st century. Unlike the bursting of the dot-com bubble in 2001 or the global financial crisis in 2008, markets in 2025 did not experience a prolonged, large-scale liquidation cycle or a “storm-like” sequence of relentless crashes. Yet it is clear that, amid geopolitical uncertainty, uncertainty over US fiscal and monetary policy, uncertainty across multiple countries’ economic fundamentals, and the ebbing of globalisation in favour of regionalisation, equities, bonds, commodities and crypto have all been pricing in a future that is more cautious and more defensive. Against that backdrop, liquidity allocation has become less concentrated in equities and bonds than it once was
source: https://beincrypto.com/market-outlook-2026-regionalisation-liquidity/