Crypto traders are pointing to the M2 money supply turning positive as a bullish signal for Bitcoin.
The recent Bitcoin sell-off could soon slow down as the year-over-year M2 money supply has turned positive for the first time since November 2022 — a signal investors use to start looking for hedges against inflation.
Crypto analysis firm Glassnode pointed out an uptick in Bitcoin “net outflows across all cohorts throughout April, suggesting a consistent sell-side pressure across the board,” in a May 2 post on X.
Alongside this, Bitcoin’s price dropped 9.75% over the past 30 days, currently trading at $59,586, as per CoinMarketCap data.
