Monetary exhaustion? Some observers see bitcoin as
Monetary exhaustion?
Some observers see bitcoin as a high-beta barometer for dollar liquidity, and the $BTC/M2 ratio, bitcoin's price adjusted for money supply growth, is now flashing a warning. The ratio, after a sharp climb from 2023 through 2025, appears to have formed what technical analysts call a head-and-shoulders pattern, typically read as a bearish signal.
$BTC's price-to-U.S. M2 money supply. (TradingView)
If the pattern holds, it would suggest bitcoin's exponential edge over money supply growth — the dynamic that let it outrun debasement so convincingly in prior cycles — is fading. Bitcoin's ability to outpace the flood of new dollars may be approaching diminishing returns, at least for now.#HTX Creation Challenge — Post and Win 1,500U 💥 #World Cup Predictions: 100,000 USDT Daily #BTC Prophet: 20-Day 380 Million HTX Challenge $BTC
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