[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.