What may be misinterpreted here is that the growth of M2 is mainly due to the inflow of funds into the money market, which has risen by nearly $2 trillion in the past two years, contributing the majority of M2 growth. In fact, it has reduced the liquidity of risk assets such as stocks and Bitcoin. Therefore, looking at M2 growth rate here is not very representative, and we should look at the Federal Reserve's liabilities (which are indeed declining)