Yes.

The short answer is that a strong US dollar (which we've experienced since the beginning of Oct 2024) negatively affects, directly and indirectly, global M2 monetary supply.

And bitcoin usual follows the trajectory of global M2 with an approximate 12 week lag.

The chart you show (apparently from Joe C.) was originally published by Julien Bittel on Real Vision.

This is the primary reason why I think bitcoin could drop to $75k-85k in the coming weeks, before the dollar finally breaks and bitcoin begins its 2025 ascent.