By observing the trends of global M2, one can understand why there was a season of counterfeits in 2021 and why it hasn't arrived now.

It's possible that the scale of growth seen in 2021 will not be observed again. This is due to the Federal Reserve's QE in 2020, which doubled its balance sheet.

By looking at this data, we can clearly perceive what has happened in the world:

The trends of the Federal Reserve and global M2 from 2019 to 2027

https://chainalert.me/view/headline/b0c92a