[Analysis: Bitcoin Decoupling from Global M2 Stems from U.S. Treasury Liquidity Operations] According to CoinDesk, Raoul Pal, founder of Global Macro Investor, pointed out that since the beginning of 2023, Bitcoin price movements have shown a lagging correlation of approximately 12 weeks with the global M2 money supply, reflecting that it takes about three months for liquidity to flow into the crypto market. However, this pattern broke after July 16: despite the continued expansion of global M2, Bitcoin entered a phase of sideways consolidation. Pal attributed this divergence to liquidity withdrawal by the U.S. Treasury through the TGA account. Since July, the U.S. Treasury has issued approximately $500 billion in Treasury bonds to replenish the TGA, raising its balance to nearly $800 billion, which reduced the funds available in the market and directly impacted liquidity-sensitive assets like Bitcoin. However, Pal believes that the TGA account is now nearing full replenishment, and the liquidity withdrawal effect may dissipate by the end of the month, allowing Bitcoin to potentially resume its upward trend in sync with M2. Notably, tech stocks and gold continue to hit new highs, indicating that overall risk appetite has not been significantly affected. Meanwhile, selling pressure from long-term holders may also be one of the factors contributing to Bitcoin's divergence from M2.
24시간 플래시
더보기 >美股开盘，纳指跌超 202 点
【】 The US stock market opened lower, with the Dow Jones Industrial Average falling 133 points, the Nasdaq falling 202 points, and the S&P 500 index falling 0.57%.
美国二季度经济强劲增长，消费者支出和企业设备支出仍具韧性
**[Strong Economic Growth in the U.S. Second Quarter, Consumer Spending and Business Equipment Investment Remain Resilient]** BlockBeats News, September 25 — The U.S. economy grew at its fastest pace in nearly two years during the second quarter, with the government revising upward its previous estimates for consumer spending. A report released on Thursday showed that the inflation-adjusted U.S. GDP grew at an annualized rate of 3.8% after revisions, stronger than the previously reported 3.3% growth, while the first quarter saw a complete contraction. The data indicates that annual revisions were relatively minor, with real GDP growing at an average annual rate of 2.4% from 2019 to 2024. This paints a picture of the economy quickly rebounding from the initial shock of the pandemic and transitioning into a more stable trend growth period, despite persistent inflation. The latest quarterly GDP data confirms that after a sharp surge in imports earlier this year, the U.S. economy rebounded in the second quarter. The third-quarter economy also appears robust, with recent reports showing resilience in both consumer spending and business equipment investment. Economists expect the personal consumption expenditure data for August, scheduled for release on Friday, to show a year-over-year increase of nearly 3%. (Jin10)
BTC falls below the $111000 mark
OKX-BTC/USDT is currently trading at $110976.40, with a 5-minute decline of 0.19%. Please pay attention to market fluctuations.
美联储施密德：货币政策调整将以经济数据为依据
[Federal Reserve's Schmidt: Monetary Policy Adjustments Will Be Based on Economic Data] Federal Reserve official Schmidt stated that the formulation and adjustment of future monetary policy will be strictly based on the performance of economic data. This statement indicates that the Federal Reserve will continue to adopt a data-driven decision-making approach in responding to economic changes.
美国初请失业金人数下降，失业率升至四年高位
[U.S. Initial Jobless Claims Decline, Unemployment Rate Rises to Four-Year High] Data from the U.S. Department of Labor shows that for the week ending September 20, initial jobless claims decreased by 14,000 to 218,000, but the unemployment rate rose to 4.3%, marking a four-year high. Weak labor demand has led companies to hoard workers but remain reluctant to hire more staff. Protectionist trade policies and immigration policies further constrain job growth, and the Federal Reserve cut interest rates last week to address economic pressures.