Crypto analyst Willy Woo has highlighted the U.S. Dollar Index (DXY) as a more reliable indicator for Bitcoin's correlation compared to the M2 money supply metric. Speaking on November 13, 2025, Woo argued that Bitcoin and other risk assets often lead the M2 due to market speculation and forward pricing of liquidity. He criticized the M2 metric for its reliance on USD, which represents only 17% of global fiat, suggesting that the DXY better reflects Bitcoin's market dynamics.