💵 Stablecoin Supply vs Bitcoin

It makes intuitive sense: when more USDT/USDC is minted, that's cash sitting on exchanges ready to buy — a more direct channel than money printed by central banks. Correlation is computed on month-over-month % changes, not raw levels — two series that both trend upward for years (like this pair) can show a misleadingly high correlation on levels alone that isn't real short-term co-movement.

⚠️ Honest caveat: this relationship is much stronger in the last ~2 years than over the full history since stablecoins became a mature market (2021) — see both numbers below. It may be a recent phenomenon, not a proven long-term law.