Amid much volatility in the marker, Bitcoin price declined over $6,000 earlier today, from its recent highest mark, despite evidence of whale accumulation. As market changes reflect pullbacks in cryptocurrencies, a key concern is why the prices were moving against the on-chain data.
M2 Model Signals Weakness Ahead of Bitcoin Price Drop
Notably, recent observations from the M2 money supply model have drawn attention across crypto analyst circles. M2, which tracks the broad supply of money in circulation, including cash, savings, and time deposits, has frequently acted as a forward indicator for Bitcoin price direction.
Analyst, Crypto Seth noted that the peak of M2 appeared before Bitcoin dropped from $112,000 to $105,000. Historical evidence revealed that a slowing of growth in the money supply occurs before Bitcoin price goes down.
Since the decline is happening, macro liquidity appears to be having a larger impact on Bitcoin price compared to quick inbound purchases.
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