Bitcoin vs US M2: since Oct, M2 keeps climbing while BTC drops. A "K" shaped divergence that's got CT worried. Does this break the inflation-hedge thesis? No: 1. 10 months is noise on a macro timescale 2. This happened before (Dec 2017–2018: BTC crashed while M2 rose) 3. The four year cycle is also part of the story, and as the data shows, it's alive and well. Both can be true, they're not mutually exclusive Nobody fully understands why BTC moves the way it does. That's the fun of it.(Lark Davis)