Bitcoin lags despite $115T global M2 growth; 23 December 2025 below $126,000 October peak

On 23 December 2025, Bitcoin underperformed even as global M2 rose from about $104 trillion to more than $115 trillion over the past year. After an October peak near $126,000, it has struggled to hold above $90,000, while December ETF flows were uneven with several outflow days.