Bitcoin is showing an unusually large disconnect from global M2. Global M2 is at record highs, yet BTC has fallen sharply instead of following the liquidity trend that has historically supported it. Recent research also confirms that the M2-Bitcoin relationship weakened significantly through late 2025 and into 2026. That doesn’t automatically mean the liquidity thesis is dead. M2 can expand without that money actually flowing into risk assets. Capital can remain in deposits, money-market instruments or other parts of the financial system. For BTC, the key question is whether this is simply a delayed reaction to liquidity or a genuine change in how Bitcoin responds to global money growth. If liquidity eventually rotates back into risk assets, BTC could still catch up. If it doesn’t, this divergence becomes a much more serious warning for the market. #BTC Price Analysis# #Macro Insights# $BTC