Bitcoin’s current price action suggests a significant disconnect between its value and the global money supply, according to a new report by Bitwise. The firm argues that this gap may create substantial opportunities in the coming years. 50% of global liquidity growth has been directed toward reflationary policies with the US issuing near $1.9 trillion in Treasuries annually, preparing for $2,000 stimulus checks and seeing the end of Quantitative Tightening on December 1st. Global M2, a measure of money supply, has surged to record levels of $137 trillion due to these actions. Bitwise highlights this divergence as one of the largest valuation gaps in Bitcoin’s history, with their cointegration model indicating that Bitcoin is currently undershooting global money supply by roughly 66%. This discrepancy could translate into potential upside of over 194% if BTC returns to its long-term liquidity anchor.