M2V is artificially low since ~2008 as banks recapitalized and sold assets/bonds, increasing the supply of money as calculated by M2 but not putting it into circulation, hence velocity decreasing. If you look at M2 and M2V they are nearly opposites of each other since the recession.

If capitalized reserves were not in M2 we would probably still have seen a decrease in M2V in 2008-2010, but not nearly as drastic, and it probably would be about flat since then, approximately tracking inflation.