#交易流动性

All major cryptocurrency bull markets have one thing in common: they occur simultaneously with a massive injection of liquidity into the global economy. These liquidity surges are not random events but are initiated by central banks and fiscal authorities, pulling one or more of the following macro levers:

Interest rate cuts – Lowering borrowing costs to encourage debt-driven growth

Quantitative easing (QE) – Central banks purchasing government bonds to inject cash into the system

Forward guidance (commitment to not raise interest rates) – Influencing market sentiment by releasing expectations of low future interest rates

Lowering reserve requirements – Increasing the amount of funds banks can lend

Relaxing capital regulations – Reducing restrictions on institutional risk-taking

Loan forbearance policies – Maintaining credit flow even in the event of defaults

Bank bailouts or guarantees – Preventing systemic collapse and restoring confidence

Massive fiscal spending – The government directly injecting funds into the real economy

Release of funds from the U.S. Treasury General Account (TGA) – Injecting cash from the Treasury's account into the market

Overseas QE and global liquidity – Actions by other countries' central banks influencing the crypto market through capital flows

Emergency credit facilities – Temporary lending tools established during a crisis

These actions not only drive traditional asset prices up but also trigger what Jesse refers to as a "speculative frenzy." As the asset with the highest risk but the greatest potential in the system, cryptocurrencies often benefit the most.