Net liquidity is a common rough gauge of the dollars available to financial markets: the Federal Reserve's balance sheet, minus the Treasury's cash account at the Fed, minus money parked at the Fed's overnight reverse repo facility. When the Treasury builds up cash, for example after a tax date or a large debt sale, net liquidity falls even if the Fed does nothing.

M2 counts cash, checking and savings deposits, and retail money market funds. It changes slowly, so it is shown as a yearly change.

This is background context. It does not predict Bitcoin's price, and the link between the two has been loose, especially since 2025.