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Benjamin Njiri

Bitcoin Decouples from Global M2 Liquidity Since July as October Deleveraging Viewed as Market Reset

Bitcoin has decoupled from global M2 liquidity trends since July, trading above $100,000 in November despite sitting 21% below its recent $126,000 peak. Analysts including Coinbase and BitMEX founder Arthur Hayes characterize the October 10 deleveraging event, which eliminated $20 billion in positions, as a healthy market reset rather than a cycle top. Options data show the market positioning for a $90,000 to $160,000 range over the next three to six months.