Bitcoin and the global money supply

I have been speaking about the money supply recently, and how i believe that all risk assets (all assets) are a function of how much money is in the system a.k.a the global liquidity

The yellow line shows the Global money Supply, and the white and blue candles are the bitcoin price.

This has been a very interesting cycle, as everyone front-ran the halving and FOMO'd into the btc ETFs.
BTC Ran up to 73000, and then went into a 6 month consolidation.

The USD was slow to put on the breaks in COVID, but then ramped up the money printing to overcorrect is sluggish reaction to covid.

Now that we have had a moderately calm year for money printing/etc - by that i mean the US gov has held the interest rate and only JUST announced its intention to put its foot back on the gas and to quantitaive easing/money printing - the breakout that you see here is indicative of an extended bull market for risk on assets - and Bitcoin.

This coincides with the US elections, and the bitcoin 4 year halving effect that i believe has not come to its end of its 2024-2025 bull market