Forget the price charts. Here's how bitcoin and S&P 500 look like when adjusted for the money printer (opens original article in a new tab)

Adjusting prices for U.S. M2 money supply reveals weaker performance for bitcoin and S&P 500 than nominal levels suggest, with bitcoin showing potential bearish signals and S&P 500's valuation only recently recovering to dot-com-era levels.

• Adjusting asset prices for U.S. M2 money supply shows weaker performance for bitcoin and S&P 500 than nominal levels
• Bitcoin's BTC/M2 ratio shows a head-and-shoulders pattern indicating potential bearish signal
• S&P 500's money-supply-adjusted valuation only recently returned to its dot-com-era peak
• Bitcoin's ability to outpace money supply growth may be diminishing