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Bitcoin selling pressure to ease? M2 money supply flips positive

News Feed - 2024-05-03 03:05:03

Ciaran Lyons2 hours agoBitcoin selling pressure to ease? M2 money supply flips positiveCrypto traders are pointing to the M2 money supply turning positive as a bullish signal for Bitcoin.1344 Total views1 Total sharesListen to article 0:00Markets NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksThe recent Bitcoin sell-off could soon slow down as the year-over-year M2 money supply has turned positive for the first time since November 2022 — a signal investors use to start looking for hedges against inflation.


Crypto analysis firm Glassnode highlighted an uptick in Bitcoin (BTC) “net outflows across all cohorts throughout April, suggesting a consistent sell-side pressure across the board,” in a May 2 post on X.


Bitcoin’s price dropped 9.75% over the past 30 days and traded at $59,586 at the time of writing, according to CoinMarketCap data.Source: Glassnode


However, the M2 money supply — an estimate of all cash held and short-term bank deposits across the United States — flipped positive on May 1 year-over-year, meaning an overall increase of money in circulation. Increasing money supply is usually an indicator for investors to turn their focus to assets that outperform in high inflationary periods.


Historically, the Bitcoin and crypto markets have started outperforming the traditional financial markets with a rise in global M2 supply.


The positive shift in M2 money supply has prompted crypto traders to speculate on Bitcoin’s price, as the supply had been in negative territory since November 2022.Source: Thomas Fahrer


“For the first time, M2 Money Supply is “year-over-year” positive,” professional trader and financial author Oliver L. Velez explained in a May 2 post on X while providing a very bullish outlook to his 49,800 followers:“All I can say is, “buckle-up” and stack harder. Any and all dips are buyable. Consider them gifts and ignore the bozos calling for doom. We are nowhere near the end of Bitcoin’s bull.”


Related:Bitcoin price correction ‘very common’ if $56K lows hold — Peter Brandt


“M2 money supply set to explode! Bitcoin..And here…we…go,” crypto trading account InvestAnswers told its 204,700 X followers on May 3.


Raoul Pal previously stated in October 2023 that he “loves Global M2... this is when BTC outperforms the NDX and crypto becomes the Super Massive Black Hole.”


Magazine:Memecoins: Betrayal of crypto’s ideals… or its true purpose?


This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.# Bitcoin# Cryptocurrencies# Adoption# Trading# Bitcoin TraderAdd reaction

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