All major cryptocurrency bull markets share a common point: they coincide 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 rates) – influencing market sentiment by releasing expectations of low interest rates in the future

Lower reserve requirements – increasing the funds banks can lend

Relaxation of capital regulations – reducing restrictions on institutions taking risks

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

Bank bailouts or backstops – preventing systemic collapse and restoring confidence

Massive fiscal spending – the government 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 – actions by foreign central banks affecting the crypto market through capital flows

Emergency credit facilities – temporary lending tools established during a crisis

These actions not only drive traditional assets up but also trigger what Jesse refers to as 'speculative mania.' Cryptocurrencies, as the highest-risk but most potential-laden assets in the system, often benefit the most.