Analysts warn: Don't expect M2 to drive BTC anymore, this round may have already peaked.

Analyst Willy Woo from 【币界】 recently threw out a rather disruptive viewpoint—don't assume that when M2 (Broad Money) rises, BTC will necessarily rise along with it. His logic is that in the later stages of the cycle, it is actually Bitcoin that is leading M2, not the other way around.

What’s even harsher is that he directly judges based on the model of capital inflow and outflow in the crypto market: this round has likely already peaked. This statement is blunt enough and hits hard. After all, many people are still waiting for the second wave of rise brought by liquidity injection, only to be told that the causal relationship may have already reversed.