Bitcoin has fallen approximately 27% since the Q1 report, trading near an average of $70,500 in early April. The Iran conflict introduced a new variable, but the broader macro environment remains favorable. What has changed is not the direction, but the speed. Global M2 continues to expand near an all-time high of $134T as of February 2026. Yet Bitcoin has fallen 27% from Q1. Liquidity and price are moving in opposite directions. The source of liquidity explains the divergence. Of the M2 growth across the four major economies (China, U.S., Eurozone, Japan) over the past year, over 60% originated in China, following ... (full story)