Bitcoin's market dynamics could be seeing a significant shift as the M2 money supply, which measures the amount of money in circulation including cash and easily convertible near money, shows positive growth year-over-year for the first time since November 2022. This development is keenly observed by investors as a potential indicator of inflationary hedges increasing Bitcoin's appeal. According to Glassnode, Bitcoin experienced consistent sell-side pressure across all cohorts throughout April, contributing to a 9.75% price drop over the past 30 days. However, the positive turn in M2 could signal a decrease in selling pressure, providing a bullish outlook for the cryptocurrency in the face of global financial volatility.
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.
