According to @cryptorover, crypto and especially altcoins respond primarily to year-over-year global liquidity momentum rather than the absolute level of global M2, highlighting YoY liquidity as the key macro driver for price cycles and risk sentiment. Source: @cryptorover on X, Nov 9, 2025. He states that by this YoY liquidity gauge a true crypto bull market has not been confirmed yet, which implies traders should be cautious about assuming a sustained risk-on environment for altcoins based solely on rising global M2 levels. Source: @cryptorover on X, Nov 9, 2025. For trading, this view supports prioritizing the trajectory of YoY liquidity momentum when sizing altcoin exposure and leverage, waiting for a clear YoY upturn before materially increasing high-beta positions. Source: @cryptorover on X, Nov 9, 2025.