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Bitcoin is starting to diverge from Global M2 liquidity.
Global M2 has been making new highs for months.
Bitcoin is still trading nearly 50% below its all-time high.
Historically, Bitcoin has followed liquidity over the long term.
Right now, liquidity is moving higher while Bitcoin continues to lag behind.
Either Bitcoin starts catching up to liquidity...
Or this relationship is about to break down in a way we haven't seen for quite some time.
$BTC
{spot}(BTCUSDT)