The ten economies
| Economy | Latest month | Published | Share, Jul 2026 |
|---|---|---|---|
| United States M2 | Aug 2026 | by 3 Oct 2026 in our first copy | 19% |
| China M2 | Aug 2026 | by 26 Oct 2026 in our first copy | 44% |
| Euro area M2 | Aug 2026 provisional | by 3 Oct 2026 in our first copy | 16% |
| Japan M2 | Sep 2026 | 14 Oct 2026 Bank of Japan's date | 7% |
| United Kingdom Broad money | Aug 2026 | by 26 Oct 2026 in our first copy | 4% |
| India M3 (broad money) | Jul 2026 | by 26 Oct 2026 in our first copy | 3% |
| South Korea Broad money | Aug 2026 | by 26 Oct 2026 in our first copy | 2% |
| Canada M2 (gross) | Aug 2026 | by 26 Oct 2026 in our first copy | 2% |
| Australia M3 | Aug 2026 | 30 Sep 2026 RBA's date | 2% |
| Switzerland M2 | Sep 2026 | 21 Oct 2026 SNB's date | 1% |
"Published" is the publisher's own date where its file states one (the Bank of Japan, the Reserve Bank of Australia and the Swiss National Bank). Otherwise it is the time our collector, which checks every source several times a day, first found that month in the publisher's file; "by" marks a month that was already published when we began collecting that source. Publishers revise recent months; we keep every file we have read.
How it has changed
- Over the 12 months to July 2026, global broad money in US dollars changed by +7.2%. Valued at the exchange rates of July 2025 throughout, the change was +6.2%, so currency moves account for +1.0 pp.
- China contributed the most: +5.8 pp of the +7.2%.
| Over | Change in US dollars | Total then |
|---|---|---|
| 1 month | −0.2% | $119.8 trillion |
| 3 months | +0.8% | $118.7 trillion |
| 6 months | +2.9% | $116.3 trillion |
| 12 months | +7.2% | $111.6 trillion |
| Economy | Contribution |
|---|---|
| China | +5.8 pp |
| United States | +1.1 pp |
| Japan | −0.6 pp |
| Euro area | +0.4 pp |
| Australia | +0.3 pp |
| United Kingdom | +0.2 pp |
| India | +0.1 pp |
| South Korea | 0.0 pp |
| Switzerland | 0.0 pp |
| Canada | 0.0 pp |
| Month | Economies published | Still to publish | Sum of the published |
|---|---|---|---|
| Aug 2026 | 9 of 10 | India | $117.7T partial sum |
| Sep 2026 | 2 of 10 | United States, China, Euro area, United Kingdom, India, South Korea, Canada, Australia | $9.7T partial sum |
Money growth and the dollar
In US dollarsAt constant exchange rates
Nine of the ten economies count their money in other currencies. A weaker dollar raises the dollar value of their money without any new money being created, and a stronger dollar lowers it; the gap between the two lines is that currency effect.
Bitcoin against global liquidity
- At the end of July 2026, bitcoin's market value (the month-end close of $62,822 times 20,063,977 bitcoins issued) was 1.05% of global broad money.
- Over the same 12 months bitcoin's price changed by −46%, against +7.2% for global broad money.
- In 12 of the 15 calendar years from 2011 to 2025, bitcoin's price and global broad money moved in the same direction over the year; global broad money rose in 14 of those years and bitcoin in 11, so most of that agreement is two series that usually rise.
- Month to month the link is loose: since January 2013, the strongest correlation between a month's change in global broad money and bitcoin's change in that or a later month is +0.20 (3 months later, 162 months), on a scale from −1 to +1.
| Year | Global broad money | 12-month change | Bitcoin close | Bitcoin 12-month change | Bitcoin as % of money |
|---|---|---|---|---|---|
| 2026 to Jul 2026 | $119.6 trillion | +7.2% | $62,822 | −46% | 1.05% |
| 2025 | $114.5 trillion | +9.7% | $87,500 | −6% | 1.53% |
| 2024 | $104.4 trillion | +2.3% | $93,371 | +121% | 1.77% |
| 2023 | $102.0 trillion | +2.8% | $42,280 | +156% | 0.81% |
| 2022 | $99.3 trillion | −1.7% | $16,531 | −64% | 0.32% |
| 2021 | $101.0 trillion | +6.8% | $46,197 | +59% | 0.87% |
| 2020 | $94.5 trillion | +19.3% | $28,972 | +303% | 0.57% |
| 2019 | $79.2 trillion | +5.6% | $7,184 | +92% | 0.16% |
| 2018 | $75.1 trillion | +2.6% | $3,747 | −73% | 0.087% |
| 2017 | $73.2 trillion | +11.5% | $13,850 | +1338% | 0.32% |
| 2016 | $65.6 trillion | +4.2% | $963.38 | +124% | 0.024% |
| 2015 | $63.0 trillion | +2.4% | $429.95 | +35% | 0.010% |
| 2014 | $61.5 trillion | +1.0% | $318.24 | −61% | 0.0071% |
| 2013 | $60.9 trillion | +4.5% | $805.94 | +5866% | 0.016% |
| 2012 | $58.3 trillion | +7.1% | $13.51 | +186% | 0.00025% |
| 2011 | $54.4 trillion | +9.7% | $4.72 | +1474% | 0.000069% |
| 2010 | $49.6 trillion | +7.0% | $0.30 | – | 0.0000030% |
| Bitcoin's change measured | Correlation since Jan 2013 | Months | Correlation, last five years | Months |
|---|---|---|---|---|
| Same month | −0.03 | 163 | +0.01 | 60 |
| 1 month later | +0.15 | 163 | +0.20 | 60 |
| 2 months later | +0.16 | 163 | +0.31 | 60 |
| 3 months later | +0.20 | 162 | +0.13 | 59 |
| 6 months later | −0.05 | 159 | −0.21 | 56 |
| 9 months later | −0.12 | 156 | −0.21 | 53 |
| 12 months later | −0.14 | 153 | −0.01 | 50 |
The lag table is a plain Pearson correlation of monthly log changes, one pair per month, with bitcoin's change taken 0 to 12 months after the money change; the long sample starts in January 2013 and the short one in August 2021. Both series are in US dollars, so a weaker dollar lifts both at once. A correlation is not a cause, and another lag or sample can give a different figure; the table is here so the claim that bitcoin follows global liquidity can be checked, not as a forecast.
What the total covers
Ten economies are in the total because their money statistics can be read automatically from an official publisher, under that publisher's rules.
- China, the United Kingdom, India and South Korea come through the OECD's monthly monetary statistics, which republish each central bank's broad money on its national definition. The central banks' own sites cannot be read automatically: the People's Bank of China asks automated agents to stay away (robots.txt), so does the Bank of England's statistical database, the Reserve Bank of India's site refuses automated requests and the Bank of Korea's data service needs a registered key. The OECD copy arrives some weeks after the central bank's own release, which is why the newest total usually waits for these four.
- Brazil, Mexico, Russia, Indonesia, Türkiye and other economies are not included, and nothing is assumed for them.
- Measures differ: M2 for the United States, China, the euro area, Japan, Switzerland and Canada (gross M2); M3 for India and Australia; each country's own broad-money aggregate for the United Kingdom and South Korea. The total is a sum of official figures as each country defines them, not a harmonised measure.
| Economy | Measure | Published by | Adjustment | Timing |
|---|---|---|---|---|
| United States | M2 | Federal Reserve (H.6) | seasonally adjusted | monthly average |
| China | M2 | People's Bank of China, via the OECD | not seasonally adjusted | end of month |
| Euro area | M2 | European Central Bank | working-day and seasonally adjusted | end of month |
| Japan | M2 | Bank of Japan | seasonally adjusted | monthly average |
| United Kingdom | Broad money | Bank of England data, via the OECD | seasonally adjusted | as compiled by the OECD |
| India | M3 (broad money) | Reserve Bank of India data, via the OECD | not seasonally adjusted | as compiled by the OECD |
| South Korea | Broad money | Bank of Korea data, via the OECD | seasonally adjusted | as compiled by the OECD |
| Canada | M2 (gross) | Bank of Canada | seasonally adjusted | end of month |
| Australia | M3 | Reserve Bank of Australia | seasonally adjusted | end of month |
| Switzerland | M2 | Swiss National Bank | not seasonally adjusted | monthly level |
Method and sources
Each month, every economy's money stock is converted to US dollars at the Federal Reserve's average exchange rate for that month (G.5/H.10: the average of the daily noon buying rates in New York) and the ten are added up. The arithmetic is exact to 40 significant digits; the page rounds only for display. A month gets a total only when all ten economies and their exchange rates are published for it, so the latest total lags the fastest publishers by a month or two; nothing is carried forward, interpolated or estimated.
Timing differs by source: US and Japanese M2 are monthly averages, while the euro-area, Chinese, Canadian and Australian figures are end-of-month stocks, and the OECD and Swiss figures follow each publisher's practice. All are converted at the month's average exchange rate. The constant-exchange-rate change values both months at the earlier month's rates, which isolates growth in local currencies. The publishers adjust the United States, the euro area, Japan, the United Kingdom, South Korea, Canada and Australia for seasonal patterns; China, India and Switzerland are unadjusted, so changes over 1, 3 and 6 months include their seasonal swings, which is why the 12-month change is the headline.
Bitcoin's market value is its month-end daily close (00:00 UTC on the 1st of the next month, from our admitted price record) times the bitcoins issued by then (our circulating supply chart, counted from our own node).
Sources: the Board of Governors of the Federal Reserve System, H.6 (US M2) and G.5/H.10 (exchange rates); ECB statistics (euro-area M2); the Bank of Japan (M2); the Bank of Canada (M2 gross); the Reserve Bank of Australia (table D3); the Swiss National Bank (monetary aggregates); and OECD (2026), Monthly Monetary and Financial Statistics for China, the United Kingdom, India and South Korea. None of them endorses this page. This service uses the API provided by the "Bank of Japan Time-Series Data Search." The Bank of Japan does not guarantee the content of the service. Every file we read is kept unchanged with the time we received it. Our Studio charts of US M2 and euro-area M2 show those two series in full on the Pro plan. The figures here are recalculated every hour.
Questions
What is global liquidity?
In markets it usually means how much money is available worldwide. The simplest measure is global M2: the broad money of the largest economies (cash, current accounts and savings deposits) added up in one currency. This page adds up official broad-money figures for ten economies in US dollars, every month.
How big is global M2 now?
Does bitcoin follow global M2?
Why is the latest total a month or two old?
Central banks publish money statistics weeks after each month ends, and the OECD republishes some of them later still. We show a total only for months every economy has published, and list newer months with what is still missing.
Which countries are included?
The United States, China, the euro area, Japan, the United Kingdom, India, South Korea, Canada, Australia and Switzerland. Others are left out because their statistics cannot be read automatically under their publishers' rules or are small; nothing is estimated for them.
Why does the dollar matter?
Nine of the ten economies count their money in other currencies. When the dollar weakens, their money is worth more dollars, so the total rises without new money; the constant-exchange-rate change removes that effect.
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Figures on this page are calculated by CryptoKeyhole from official central-bank and OECD statistics and our own bitcoin price record, and refreshed automatically. This service uses the API provided by the "Bank of Japan Time-Series Data Search." The Bank of Japan does not guarantee the content of the service. Nothing here is investment advice.