Liquidity drives risk assets, and across both macro and micro trends, conditions are increasingly supportive. 

Historically, major liquidity injections have coincided with strong crypto setups. The logic is simple: periods of weak economic growth tend to push the Federal Reserve toward looser monetary policy.

In that context, the recent $15 billion Treasury buyback, the largest on record, was expected to fuel market momentum. 

That said, the liquidity story doesn’t stop at the policy level. On the macro side, the global M2 money supply has hit another all-time high, signaling continued expansion in “system-wide” liquidity.

Historically, rising M2 has preceded periods of stronger performance across crypto, where marginal…