As reported by Wu, a chart produced by Two Prime points out that periods of growth in global broad money M2 are closely correlated with increases in BTC prices, while periods of M2 decline correspond to price declines.
The study found that the Pearson correlation coefficient of the two data sets was 0.854, which is very highly correlated.
The three main contributors to M2 liquidity include US dollar liquidity, People's Bank of China liquidity and bond volatility.
