In Fidelity's latest 2026 Outlook report, there’s 'strong evidence' for Bitcoin still being in a bull market, as shown in the chart below. Over the past 10 years, Bitcoin has had a very strong correlation with M2, but this time it has diverged—M2 is rising while Bitcoin is falling. Either the correlation between the two has broken, or there’s a lag. For now, the lagging possibility seems most likely. The previous two times M2 surged, it was like a flood, but this time, as shown in the chart, it’s rising steadily in a step-by-step manner. So, funds are rationally flowing layer by layer—from banks to the stock market, then to gold, and eventually to Bitcoin. Right now, it hasn’t reached Bitcoin yet.