Bitcoin’s next risk is hiding in the gap between debt and liquidity
The outdated Bitcoin playbook ran on the easy logic that when world M2 expands, capital flows into risk belongings, and Bitcoin captures a disproportionate share. That relationship powered the 2020-2021 bull market, and crypto Twitter spent the higher a part of 2024 charting M2 overlays as proof that the next leg was imminent. Now, the…
