#全球经济形势 Analyzing the impact of global M2 changes on Bitcoin requires more dimensional data. Relying solely on M2 growth to infer Bitcoin trends is overly simplistic. Focus on capital flow models; the market may already be near the cycle top. However, a strengthening dollar could lead to a decline in global M2, which contradicts the Federal Reserve's easing policy. It is recommended to monitor various indicators such as national monetary policies, institutional fund movements, on-chain Bitcoin data, and others to make a comprehensive judgment of market trends. In the current environment, the performance of risk assets may diverge, and cautious assessment of investment strategies is necessary.