This Indicator Turned Positive! Will Selling Pressure for Bitcoin Ease? 🤔
🚀M2 money supply developments are accelerating rapidly! Get ready for the Bitcoin journey... Here begins the journey.
In a report released on May 2, crypto analysis firm Glassnode stated that “net outflows have increased during April, which means consistent selling pressure” on the flagship Bitcoin of cryptocurrencies. On the other hand, Bitcoin's price is currently trading at $59,586, down 9.75% in the last 30 days.
The M2 Money Supply is an estimate of all cash and short-term bank deposits held across the country, returning positive from year to year as of May 1. This shows that the money in circulation is generally increasing and is generally considered an indicator that investors are oriented towards assets that perform better during periods of high inflation.
Historically, Bitcoin and the cryptocurrency market have begun to outperform traditional financial markets with an increase in global M2 supply. This could mean a new increase in BTC and cryptocurrencies for the coming period.
For the first time of the M2 Money Supply, "positive on an annual basis… DYOR
