According to @milesdeutscher, the BTC price is closely tracking the direction of global M2 liquidity, with a BTC vs M2 chart playing out even if not point-for-point exact. Source: @milesdeutscher, X, Aug 12, 2025. He describes Bitcoin as a liquidity sponge, implying that expansions in global liquidity tend to support BTC while liquidity tightening creates headwinds. Source: @milesdeutscher, X, Aug 12, 2025. For trading, this positions global M2 trend as a macro indicator to monitor for BTC directional bias and risk management, aligning BTC with the global liquidity cycle. Source: @milesdeutscher, X, Aug 12, 2025.