M2 Update M2 growth momentum slowed. Latest Print (2026-09-22): • 180D M2 Growth: +2.2% • 180D BTC Momentum: +28.8% • 180D Trailing Correlation: −0.50 Quant Take: Liquidity expansion cooled from July's +4.2% peak, but BTC ran anyway on a crypto-native bid. M2's tick to $23.28T snapped its z-score toward zero as both 180D rates turned up together (M2: 1.6% → 2.2% | BTC: 7% → 29%). Correlation is reforming at the margin, but M2 isn't a true tailwind yet. Treat $BTC as beta to itself—driven by flows and narrative—until M2 growth accelerates and holds.
Carl HuttonShare
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