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.

According to Cas Abbé (source: X post dated Sep 7, 2025), the dollar is weakening, global M2 is at record levels, and liquidity is expanding. According to the same source, Bitcoin (BTC) has historically been the first asset to respond to such liquidity shifts and this is why BTC has held above $100K. According to Cas Abbé (source: X), liquidity remains the primary driver for the next phase of BTC price action.