Bitcoin Recovery Gains Traction: Global Broad Money Supply Nears $100 Trillion
CryptoNewsTerminal Staff06 Jun, 2024
Bitcoin Recovery Gains Traction: Global Broad Money Supply Nears $100 Trillion
## Bitcoin's Correlation with Global Money Supply According to recent analysis, the global broad money supply (M2) is rapidly approaching $100 trillion, a significant increase from its valuation during the 2022 crypto bear market. This metric has historically shown a strong correlation with Bitcoin's price action, suggesting a potential bullish outlook for the cryptocurrency. ## Institutional Interest Remains Strong Despite the recent price volatility, on-chain activities indicate continued institutional interest in Bitcoin. Large amounts of BTC are flowing into new whale addresses, a trend similar to that observed during the 2020 bull run. This suggests that institutional investors are accumulating Bitcoin, potentially signaling their belief in its long-term growth potential. ## Bullish Indicators The convergence of the global broad money supply towards $100 trillion and the sustained on-chain activity provide positive indicators for Bitcoin's future. While price volatility may persist in the short term, these metrics suggest that the cryptocurrency is poised for a recovery, buoyed by institutional support and macroeconomic factors.
