"Ok, two more charts and some thoughts...this time on crypto....Is the accepted narrative of the BTC Halving cycle what drives the BTC cycle (and all crypto) or is it the macro?I'm starting to think it's all about the macroThis is global M2 YoY vs Crypto market cap #Bitcoin
That suggest that liquidity and currency debasement are the predominant drivers, as opposed to supply.I have always erred on the side of demand being more important than supply in market prices of all goods.It is the demand ebb that causes the outflow and the denominator.
Those macro cycles occur within the exponential secular crypto up trend and drive the market from overbought to oversold and back again to overbought, while the slope of adoption still persists...leading to higher lows every cycle...
Note that global M2 growth is turning. Early days but crypto is forward looking in nature and turns earlier than most assets as its such long duration."
Another Twitter thread from him with more charts https://twitter.com/RaoulGMI/status/1550272003063570433