Part 6/12:
2017: The second major bull run aligned with global easing policies, including Europe's ECB large-scale bond buying, the yen-yield control, and even the emergence of ICO mania fueled by new fundraising protocols. During this period, liquidity indicators showed massive growth, independent of halving cycles.
2021: The third bull run was a direct consequence of unprecedented monetary stimulus during COVID-19. The Fed pumped $120 billion per month, and fiscal measures flooded the economy. Asset prices—including crypto—hit all-time highs amidst record liquidity.
Conversely, subsequent bear markets in 2018 and 2022 corresponded with liquidity tightening, rising interest rates, and dollar strength, not halving events.