PANews reported on September 25th that, according to CoinDesk, Raoul Pal, founder of Global Macro Investor, noted that since the beginning of 2023, Bitcoin's price has exhibited a lagged correlation of approximately 12 weeks with the global M2 money supply, reflecting a three-month transmission period for liquidity to reach the crypto market. However, this pattern has broken down since July 16th: despite continued expansion in global M2, Bitcoin has entered a period of sideways trading. Pal attributes the divergence to the US Treasury's withdrawal of liquidity from its TGA account. Since July, the US Treasury has replenished the TGA account by issuing approximately $500 billion in Treasury bonds, bringing its balance to nearly $800 billion. This has reduced available funds in the market, directly impacting liquidity-sensitive assets like Bitcoin. However, Pal believes that the TGA account is now nearly full, and the liquidity withdrawal effect may subside by the end of the month, potentially allowing Bitcoin to resume its upward trend in tandem with M2. Notably, the continued record highs of tech stocks and gold suggest that overall risk appetite has remained largely unaffected. Selling pressure from long-term holders may also be a contributing factor to the divergence between Bitcoin and M2.