Bitcoin vs Global M2 Growth

Green is the YoY growth of aggregate M2 across ~20 major economies (US, EU, China, Japan, UK...) converted to USD; orange is BTC price (log axis). Global M2 expansion cycles typically lead or coincide with BTC uptrends.

US M2 only captures dollar-system supply; the global aggregate combines all major central banks' easing/tightening and is affected by FX translation (a weaker dollar inflates non-US M2 in USD terms). Compare with our US M2 Growth page for the full picture.

FX swings add short-term noise to the global aggregate; data is aggregated by a third party (bitcoin-data.com). Not investment advice.