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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow
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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow

Bitcoin-Money Supply Link Is A Myth, Glassnode Researcher Reveals

Keshav Verma
Keshav Verma
1 month ago
2 mins read
Bitcoin

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A senior researcher at Glassnode has challenged the idea that the Bitcoin price is correlated to US money supply or other major economies.

No Structural Link Between Bitcoin & Money Supply Of Major Economies

In a new post on X, Glassnode senior researcher CryptoVizArt.₿ has talked about the Correlation between Bitcoin and the money supplies of the Group of Seven (G7) economies. The “Correlation” here refers to an indicator that measures how tightly together the prices of two given assets are moving.

When the value of this metric is positive, it means the price of one asset is reacting to movements in the other by moving in the same direction. The closer the indicator is to 1, the stronger the relationship.

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On the other hand, the indicator being under the zero mark suggests a negative correlation exists between the prices. That is, they are moving in opposite directions. This behavior is the strongest at -1.

Now, here are the charts shared by the analyst that provide a few representations of the Correlation between Bitcoin and the money supply of each G7 nation over a 90-day rolling window:

Bitcoin Correlation To M2
BTC’s Correlation with the money supplies of the different G7 nations | Source: @CryptoVizArt on X

As is visible in the graphs, the Correlation between Bitcoin and the money supplies of seven of the world’s largest economies has swung wildly over the years. Often, periods of positive values of the metric are succeeded by a phase of negative or neutral levels, with there being no clear macroeconomic triggers behind the shifts.

“Bitcoin’s correlation with US M2 or other major economies’ money supplies demonstrates no consistent or predictive pattern,” notes the Glassnode researcher. A longer-term view through a 180-day rolling window also shows the same.

Bitcoin 180-day Correlation
The Correlation between BTC and G7 M2 on a 6-month rolling window | Source: @CryptoVizArt on X

“Despite frequent claims of a stable linkage, the data suggest the relationship is largely stochastic rather than structural,” says CryptoVizArt. While Bitcoin is certainly not independent of the global economy, this pattern would suggest that there is a mix of several other factors that also play a role in driving the coin.

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In an earlier X post, the analyst shared the trend in the 180-day Correlation between Bitcoin and two traditional assets: Gold and S&P 500.

Bitcoin Vs Gold, S&P 500
How the relationship between Bitcoin, Gold, and S&P 500 has changed over the past decade | Source: @CryptoVizArt on X

From the topmost chart, it’s visible that Gold and Bitcoin have seen their 180-day Correlation stand at a neutral level most recently, indicating that the two have pretty much been moving independently of each other. Meanwhile, the second graph shows a notable positive value for the metric between S&P 500 and BTC, implying the cryptocurrency has been moving in tandem with stocks to some degree.

BTC Price

Bitcoin crossed above $122,000 during the weekend, but it would appear the asset has kicked off Monday with a retrace as its price is back at $119,000.

Bitcoin Price Chart
The price of the asset appears to have been climbing in recent days | Source: BTCUSDT on TradingView
Featured image from Dall-E, chart from TradingView.com
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Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

Read more

Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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