Data: Bitcoin Bull Market Key Indicator M2 Reaches $94 Trillion, Setting a New Historical High

ChainCatcher news, according to Cointelegraph, the latest analysis released by Philip Swift, founder of the on-chain data platform LookIntoBitcoin, on June 5 shows that global liquidity (M2) is approaching $100 trillion, which will be a favorable condition for the rise of Bitcoin prices in 2024.

In dollar terms, M2 has now reached $94 trillion, setting a new historical high, which is $3 trillion higher than the historical peak of $69,000 for Bitcoin at the end of 2021. Since hitting a local low of $85 trillion at the end of 2022 (coinciding with the low point of the cryptocurrency bear market), M2 has rebounded by 10%.