Until the dollar starts behaving — which is ultimately a function of liquidity — conditions will stay rough. Bitcoin and crypto remain tightly correlated with the dollar because it acts as a real-time liquidity gauge. Right now, the market is saying: whatever the central planners have in mind (rate cuts, temporary repo measures, SLR changes), it won’t be enough. The market always forces the hand of the Fed and the government. The Spice Must Flow.