@harryji, this is a fantastic breakdown of the driving forces behind crypto prices! I especially appreciate how you've highlighted the shift from the halving cycle to liquidity as the primary price determinant. The historical data on Bitcoin's post-halving performance is super insightful, showing that diminishing returns trend.

Your point about global financial system liquidity and central bank policies being key influencers really hits home. It's a crucial perspective that goes beyond the usual hype. It's refreshing to see such a macro-focused analysis that grounds crypto valuations in real-world financial dynamics.

What are your thoughts on how regulatory changes might further impact this liquidity-driven market? I'm curious to hear your take! Thanks for sharing such a well-reasoned perspective!