On March 12, 2020, the market capitalization of BTC accounted for only 0.91% of the US M2, while the total market capitalization of cryptocurrencies accounted for only 1.4% of the US M2.

On May 19, 2021, the market capitalization of BTC accounted for 3.92% of the US M2, and the total market capitalization of cryptocurrencies accounted for 10.38% of the US M2.

By October 11, 2025, the market capitalization of BTC accounted for 10.16% of the US M2, and the total market capitalization of cryptocurrencies accounted for 17.27% of the US M2.

At this time, cryptocurrencies are extremely dependent on and sensitive to macro liquidity! Therefore, on October 10, when Trump announced a 100% tariff, it caused a collapse in cryptocurrencies.

Even the strong US stock market, in October 2025, the ratio of total market capitalization of US stocks to M2 reached a peak, close to the peak in 2000, and saw a decline in November.

Since the annual growth rate of M2 is a direct reflection of the market's perception of liquidity, the correlation between cryptocurrencies and the annual growth rate of M2 is stronger.

In 2025, the annual growth rate of M2 is generally at a historically low level, and by October 2025, the growth rate of the annual growth rate of M2 is close to zero, with a decline starting in November.

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