Global M2 Money Supply (Year-on-Year) Begins to Decline The annual change in global M2 money supply has begun to decline. This means that although global M2 is still growing compared to a year ago, the growth rate is slowing. In other words, liquidity creation in major economies is slowing. On the positive side, M2 growth is often correlated with Bitcoin price increases, although this correlation is not always the case. However, historically, when global M2 money supply (year-on-year) has turned negative, it has tended to coincide with the bottom of Bitcoin cycles, especially in the periods following the last three halvings. Even so, reaching negative territory may take several months. In some cases, it may not even turn negative. Therefore, long-term monitoring of this indicator is crucial for a better understanding of global liquidity conditions.