The M2 money supply in the United States has reached a new high of $22.45 trillion, and liquidity is still on the rise.
In the past, this level of monetary easing would have sent Bitcoin soaring—like that surge to $69,000 in 2021.
But from 2026 to now, BTC has exhibited a 'decoupling' trend: liquidity has skyrocketed, while prices have stagnated.
It's not that the logic has changed; it's that the market has changed.
A more mature structure, institutional dominance, and whales quietly accumulating during declines—this cycle's dynamics are already different.
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