Markets don’t follow the expansion of Global M2, they are speculative. This means they price in the liquidity of expectation ahead of time. Risk assets lead M2. Hence at global tops you’ll see SPX top out early, but you also see BTC top out earlier. This is because BTC acts like a liquidity sensing mechanism. Furthermore M2 is a flawed metric because when you assess the amount of fiat money in the system, you’re measuring it in USD but only 17% of it is actual dollars, the rest is in foreign currencies (China has double the USD supply sitting in Yuan equivalent). So M2 is really is a statement on USD strength or weakness. As it turns out there’s a metric for this called DXY and this is a much better metric to use when assessing correlation to BTC.(Willy Woo)