Bitcoin frente al crecimiento del M2 de EE. UU.

Green is US M2 money supply YoY growth (%); orange is BTC price (log axis). The record 25%+ M2 surge of 2020-2021 coincided with the liquidity bull market, while the 2022-2023 contraction (first since the Great Depression) lined up with a deep bear.

M2 YoY growth = current month's M2 / M2 twelve months prior − 1. M2 includes cash, checking and savings deposits, and retail money-market funds — the standard broad-liquidity gauge.

Money supply shapes the medium-term liquidity backdrop and transmits to risk assets with a lag (commonly cited at 3-12 months). Not investment advice.