M2 money supply just hit another ALL-TIME HIGH.

Yet Bitcoin isn't following. At all.

This divergence is getting loud. Historically, when M2 expands and BTC lags, it's either:

1. Delayed reaction (liquidity takes time to flow into risk assets)

2. Structural shift (capital rotating elsewhere)

3. Macro headwinds overpowering liquidity (rate expectations, risk-off sentiment)

The question isn't IF Bitcoin catches up. It's WHEN and under what conditions.

If M2 keeps climbing and BTC stays flat, we're looking at compressed spring energy. One catalyst and this thing rips.

But if the correlation stays broken? That's a different game entirely.

What's your read? Is BTC just slow, or is something bigger shifting?