Global M2 money supply reached $101.8 billion, an all-time high.

• Global M2 Z-score (1 year): +0.40
• Global M2 Z-score (6 months): +0.74
• Payment momentum is accelerating again after the tightening period of 2022–2024.
Breakthrough by region:
🇨🇳 China remains the global liquidity engine with M2 exceeding $52 billion, more than double that of the US.
🇺🇸 The US is beginning to return to short-term M2 growth (+0.11 in the last 3 months), although 1-year momentum remains negative.
🇪🇺 The Eurozone weakened slightly in the recent quarter but maintains an expanding liquidity trend on the longer timeframe.
🇯🇵 Japan continues to be the weakest link with a 1-year Z-Score at -0.87.
Risk assets don't react to nominal interest rates, but rather to the amount of real money circulating in the economy.
-> Bitcoin typically leads the Global M2 by several months.
Is the growth rate of the Global M2 large enough to offset the effects of tightening monetary policy?
If the current trend continues, global liquidity could become the most important driver for the next asset cycle.
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