Global M2 7-week growth turned negative and CT will be calling it a $BTC sell signal. The correlation is real but overstated. BTC and global liquidity share 93% of long-run variance but the strongest leading indicator isn't M2 itself. It's T-bill issuance, which has an 80% correlation with BTC at an 8-month lead. Global M2's direct correlation with BTC is actually much weaker at 26%. What most M2 threads miss is 61% of recent global M2 growth came from China alone. Track a blended global number without decomposing which central bank is driving it and you're reading noise. Bitcoin's liquidity beta is 4.5x vs gold's 1.8x. Amplifies both directions but since mid-2025, BTC has been decoupling. It went negative YoY while M2 was still growing 10%+. Post-ETF flow shocks now overwhelm the slower macro signal for months at a time. Consider it as one input and not the only input.