Recently, an interesting phenomenon has emerged in the market: the correlation between Bitcoin and the global M2 money supply has significantly weakened. This decoupling has sparked intense discussions among analysts.

The Fidelity Digital Assets team remains optimistic, believing that as M2 growth potentially accelerates by 2026, it will support Bitcoin prices. Their logic is that loose liquidity generally boosts risk asset valuations.

However, there are also dissenting voices. Some senior analysts point out that historically, decoupling of Bitcoin from the money supply often signals that a market top is approaching, which could be a sign of declining risk appetite among market participants.

Interestingly, regardless of differing opinions, investors' fundamental attitude towards Bitcoin remains unchanged—most still see it as a store of value in long-term asset allocation rather than a short-term trading target. This consensus may be more indicative than any single indicator.