Bitcoin's price is driven by global net liquidity, not M2 money supply

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Bitcoin's price movements are directly correlated with global net liquidity, which is influenced by central bank balance sheets and the dollar's strength, rather than the M2 money supply. This explains why Bitcoin has stalled and underperformed the stock market, despite new all-time highs in nominal terms, as its valuation against the S&P 500 has declined since 2021, and global net liquidity is currently $5 trillion less than its 2022 peak.