I saw that you referenced some research of Lyn Alden there but we don’t have any deep research on this topic ourselves incl. not even establishing what M2 is.
To me it is absolutely ridiculous to draw correlations from times when BTC was at 100$ because at the time bitcoins marketcap was so low that global liquidity did not matter at all. (and using those crazy scales) Instead it is a technology adoption story.
Don’t forget that people have vested interests and Alden might have as well. So people who are pushing BTC certainly like to establish a connection with growing liquidity to point out that BTC will always rise (as liquidity will rise)
I think in general you know my super critical take of considering correlations we don’t understand fundamentally well. (because then we don’t have orientation what is signal and what is noise) We can establish a database to prioritize and work on them but i think this here and right now is low priority