Historically BTC tops have lead pull backs in global M2.

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[Legislative Regulation] Since May 2025, the United States and Hong Kong have been racing to advance stablecoin legislation, sparking a global surge in legislation related to stablecoins and crypto assets (also known as "cryptocurrencies" or "virtual currencies"). Numerous institutions and capital are flocking to issue stablecoins and invest in crypto assets, leading to heated debate about whether China should fully promote stablecoin legislation and the development of RMB stablecoins (including offshore ones). Furthermore, after the US legislation prohibiting the Federal Reserve from issuing a digital dollar, the question of whether China should continue to promote the digital RMB has become a hot topic of discussion.

For China, this involves the direction and path of national monetary development...

Wang Yongli: Why did China resolutely halt stablecoins?

Bitcoin has fallen below $90,000 this week due to liquidation pressure, weak ETF demand, and a confluence of macroeconomic uncertainty.

The decline has erased gains from previous attempts to respend...

Why did bitcoin fall below $90,000? Analyzing the recent sell-off

An evening star candle pattern at the resistance trendline of the falling wedge pattern signals a potential downswing in Ethereum price.
The 1,000–10,000 ETH cohort made the heaviest selling at the pe...

Ethereum Price Signals Bearish Reversal as 1K–10K ETH Wallets Keep Selling

"But Fed rates are dropping"... i.e. more money printing... leading you to think global M2 will climb.
But if global investors buy USD instead of buying risk-on assets, also called "a flight to safety", then USD strengthens, and global M2 (which is priced in USD) drops.