Bitcoin Price Is Trading $66,000 Below Its M2 Fair Value — Is the Liquidity Trade Completely Broken?

Bitcoin price is breaking one of its most reliable rules.Global M2 has climbed roughly 12% since mid-2025. Bitcoin has dropped around 35% over the same period. That is not a small divergence. That is a fracture in the liquidity-drives-crypto thesis that defined the last cycle.Two forces are driving the decoupling. Restrictive interest rates are draining risk appetite. Surging energy costs are squeezing miner margins.…