According to CoinMeta, the global M2 has surged by one trillion dollars in just one week, with China contributing about 800 billion dollars, becoming the latest major contributor to the expansion of global liquidity. However, despite the rapid expansion of global M2 once again, its year-over-year growth rate has not accelerated as it did in March 2026. Historical data shows that this is crucial for Bitcoin. The previous three bottoms in Bitcoin cycles occurred when the global M2 annual change rate turned negative. Therefore, although absolute liquidity continues to increase, the change in growth rates indicates that we may not have yet reached the macroeconomic conditions seen at the bottoms of previous Bitcoin cycles. Global liquidity is rising, but the cycle signals are telling a different story.