Bitcoin, Global M2 & Fed Chair TransitionsBitcoin / U.S. dollarBITSTAMP:BTCUSDMarketWarfareOne pattern stands out on this chart: shortly after each Fed leadership announcement or transition shown, Global M2 begins to weaken, liquidity dries up, and markets move toward a more risk-off environment. New chair, new policy backdrop, then liquidity begins to shift. This doesn’t mean the chair change causes the liquidity contraction, but the timing is worth watching as part of the broader liquidity cycle. Yellen took office in 2014, Powell in 2018, Powell was renominated in 2021, and Warsh took office in May 2026.