All major crypto bull markets have one thing in common: they all coincide with a massive injection of liquidity into the global economy. These liquidity surges are not random events, but rather 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 funds banks can lend

Relaxation of capital regulations – Reducing restrictions on institutional risk-taking

Loan tolerance policies – Maintaining credit flow even in the presence of defaults

Bank bailouts or backstops – Preventing systemic collapse and restoring confidence

Massive fiscal spending – Governments injecting funds directly 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 – The actions of other central banks affecting the crypto market through capital flows

Emergency credit facilities – Temporary lending tools established during a crisis

These actions not only drive up traditional assets but also trigger the 'speculative frenzy' that Jesse mentioned. Cryptocurrencies, being the highest risk but most potential assets in the system, often benefit the most.