Bitcoin breaks from M2 liquidity trend as dollar strength overrides global money growth

Bitcoin is no longer responding to rising global liquidity the way it did in the last cycle. Even as money supply expands, a stronger dollar is tightening financial conditions faster than liquidity can lift prices. Bitcoin traders love one chart more than almost any other: global M2 liquidity with a time lag. More money expanding across the world eventually finds its way into risk assets, and Bitcoin rides the wave. …