Global M2 liquidity climbs to $130T ATH as China leads and 2026 risk asset outlook diverges

Heading into 2026, data from Alphactral shows Global M2 money supply has reached a new all-time high near $130 trillion, with China contributing about 37% at $47.7 trillion. While major economies cut rates and the U.S. pursues a $40 billion Treasury plan to ease funding conditions, the total crypto market cap has fallen 21% in Q4 2025, leaving risk assets below their late-Q3 highs and investors wary despite improving liquidity.