Crypto Scenario Insights
What happened
A money-supply-adjusted analysis of Bitcoin and the S&P 500 suggests both assets are showing signs of monetary exhaustion.
What we think
The most likely outcome is a prolonged period of macro consolidation (55% probability) as the BTC/M2 ratio signals structural exhaustion.
Read the analysis
Is Bitcoin's Debasement Edge Fading? Analyzing the BTC/M2 Liquidity Warning
We explain what happened and what could follow. We do not forecast prices.