Our custom Global M2 Liquidity Index—an optimized blend of money-supply growth that leads bitcoin by 110 days—curls higher, pointing to a fresh wave of risk-on fuel for BTC by early Q4 even as current macro headlines remain mixed. The index, an optimized blend of M2 trends in eight major economies – weighted for their signal power rather than sheer size – has risen 5% since April and now sits at a new cycle high. Because the gauge offers 0.9 correlation with BTCʼs moves across most look-back windows from one month to three years, that acceleration points to additional risk-on fuel arriving in late Q3/early Q4 ... (full story)