The global M2 money supply has risen again, with the growth rate reaching a new high since 2020. What does this mean? Rapid liquidity expansion usually drives up asset prices, including cryptocurrencies. When central banks and governments release more liquidity, investors seek higher-yielding asset allocations — and digital assets like Bitcoin and Ethereum often become the first choice. From a macro cycle perspective, the accelerated growth of money supply is similar to the characteristics of the initial phase of the last bull market. It is worth paying attention to how the current economic situation evolves and whether this wave of liquidity will continue to inject vitality into the crypto market.