BTC Money Supply
How many dollars and euros exist as spendable money, added together in dollars. The two blocks with a live free feed are here; Japan and China are not, because their data stopped years ago and a stale number would be worse than none.
M2 is the everyday measure of how much money exists: cash, current accounts, savings accounts and small time deposits. This chart adds the United States and the euro area together, both expressed in US dollars, and also draws each block on its own.
When the money supply grows faster, there are simply more dollars and euros chasing the same assets, and bitcoin has historically been one of the things they chase. When growth flattens or turns negative — as it did in 2022-2023 for the first time in modern US history — the tide goes the other way.
Turning points matter more than the level.
In words: take the United States M2 in dollars. Take the euro area M2 in euros and multiply it by that month's US-dollars-per-euro rate. Add them.
The combined line is drawn **only** for months where BOTH blocks have reported. The two publishers do not release on the same day, so one block is often a month ahead of the other; the chart ends at the last month where both have reported, and the leading block's extra month appears as soon as its partner publishes rather than being drawn as if it were the total.
MONTHLY. One point per month, **never** more — this **is not** a daily series and is not drawn as one. Japan and China are deliberately absent: FRED's M2 series for the euro area (MYAGM2EZM196N), Japan (MYAGM2JPM189S) and China (MYAGM2CNM189N) were all discontinued — their last observations are March 2017, February 2017 and August 2019 — and the OECD replacements (MABMM301EZM189S, MABMM301JPM189S, MABMM301CNM189S) stopped in November 2023 and December 2018.
The euro area is covered here because the ECB still publishes it directly; for Japan and China there is no free machine-readable feed we may use, so they are left out rather than frozen into the total. That means this is NOT the ~$120tn figure some sites call 'global M2'. The euro leg is converted at a monthly average exchange rate, so part of its movement in dollars is the exchange rate, not the money.
FRED M2SL (Board of Governors of the Federal Reserve System, seasonally adjusted) and FRED EXUSEU (monthly US dollars per euro); euro-area M2 outstanding amounts from the European Central Bank Data Portal (BSI).
FRED M2SL (US) + European Central Bank euro-area M2, converted at FRED EXUSEU · monthly · US from 1959-01, euro area from 1980-01