According to @CryptoMichNL, valuing assets against the M2 money supply avoids misrepresentation seen in USD-denominated charts, which can obscure true trend strength for risk assets, source: @CryptoMichNL. He states the Dutch stock market remains 70% below its all-time high when benchmarked to M2 despite printing new ATHs in USD terms, source: @CryptoMichNL. He adds that gold and other assets show similar underperformance versus M2, indicating liquidity-adjusted drawdowns are deeper than USD charts imply, source: @CryptoMichNL. He concludes that these reference parameters indicate no recession or bear market on the horizon, and he focuses his analysis on such benchmarks for clearer signals, source: @CryptoMichNL.