#交易流动性

Large-scale cryptocurrency bull markets have a common characteristic: 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 not to raise interest rates) – Influencing market sentiment by releasing future low-rate expectations

Lower reserve requirements – Increasing the funds banks can lend

Easing capital regulations – Reducing the limits on risks taken by institutions

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 – Governments 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 affecting the cryptocurrency market through capital flows

Emergency credit facilities – Temporary lending instruments established during crises

These actions not only drive up traditional assets but also trigger what Jesse refers to as 'speculative frenzy.' As the highest-risk yet most promising asset in the system, cryptocurrencies often benefit the most.