Bitcoin and S&P 500 adjusted for money supply

Adjusting asset prices for U.S. M2 money supply growth reveals a weaker picture for both bitcoin and the S&P 500 than nominal levels suggest. The S&P 500 has only recently returned to its dot-com-era peak on that basis. Bitcoin's BTC/M2 ratio shows a head-and-shoulders pattern, a bearish signal suggesting its edge over money supply growth is fading.