Measuring the intrinsic demand for a currency is an exceptionally difficult problem and prone to cognitive bias in terms of which factors are weighted and how it's calculated.

Measuring the money supply is a trivial matter - if we observe a radical change in the money supply which correlates to asset price increases it's reasonable to question if our understanding of the economy is correct.

This may be in actionable information even if you buy the argument however. Holding assets while they inflate is the best move and at 0% interest rates there is no alternative to holding assets.