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A particularly intriguing trend line emerges when we compare Bitcoin’s Market Cap to Global M2 in USD. The red line marked zones of euphoria in 2017, 2021, and 2025. In each of these cycles, the ratio encountered resistance near this trend line and failed to break above it sustainably. Today, Bitcoin’s Market Cap represents approximately 1.21% of Global M2. Since 2024, levels near this region have also acted as intermediate resistance zones, highlighted by the yellow arrows on the chart.