Jamie Coutts argues Bitcoin underperforms as U.S. liquidity tightens: M2 near $22.7T, rising debt, and shrinking reserves, with public debt over $38.5T and Fed reserves around $2.9T (April 2026 release).Abstract: This note summarizes Jamie Coutts's view that Bitcoin's performance has lagged amid growing U.S. debt and draining reserves that weaken liquidity transmission. Citing March 2026 M2 near $22.7 trillion, Q4 2025 public debt above $38.5 trillion, and Fed reserve balances around $2.9 trillion per the April 22 release, it argues that tighter liquidity conditions constrain Bitcoin’s market dynamics.

AssembleAi

2026-05-02 07:42:53

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Jamie Coutts argued that Bitcoin is underperforming even as March 2026 U.S. M2 reached nearly $22.7 trillion because debt growth and reserve drain are weakening liquidity transmission. He said U.S. public debt was over $38.5 trillion in the fourth quarter of 2025 while reserve balances were about $2.9 trillion in the Fed’s Apr. 22 release.

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Jamie Coutts Says Debt-Liquidity Gap Is Bitcoin's Next Risk

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