Forget the price charts. Here's how bitcoin and S&P 500 look like when adjusted for the money printer

The article argues that bitcoin and the S&P 500 look much less impressive when adjusted for U.S. M2 money supply growth. Bitcoin’s price-to-M2 ratio is said to be forming a head-and-shoulders pattern, which technical analysts often view as bearish and potentially a sign that bitcoin’s long-running ability to outpace money supply expansion is fading. The piece also notes that although the S&P 500 is near record highs in nominal terms, its money-supply-adjusted valuation has only recently returned to its dot-com-era peak. The broader market implication is cautionary: if the most liquidity-sensitive asset, bitcoin, is losing ground versus M2 growth, it could indicate that current equity valuations and broader risk assets are resting on a thinner macro foundation than headline prices suggest.