<ul data-eligibleForWebStory="true"><li>Global M2, a measure of money supply, explains 89% of Bitcoin's movements with a 12-week lag.</li><li>Bitcoin's price trajectory aligns with Global M2, indicating monetary expansion drives Bitcoin's long-term performance.</li><li>Raoul Pal contends that 'news' and 'narrative' around Bitcoin are mostly noise compared to global liquidity impact.</li><li>This perspective suggests Bitcoin's value is influenced by macroeconomic factors rather than short-term events.</li><li>Bitcoin could see significant upside as global liquidity increases, as per Pal's analysis.</li><li>Pal's model implies Bitcoin reacts to debasement and liquidity cycles, acting more as a macro asset.</li><li>The analysis prioritizes the role of global liquidity over short-term narratives in explaining Bitcoin's price changes.</li></ul>

Raoul Pal: Global Liquidity Explains 89% of Bitcoin’s Price—Narratives Are Just Noise

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