How do you tell whether a crypto drop is driven by liquidity tightening or by crypto-specific news?

Over the last few weeks a lot of threads here have circled the same thing: when crypto falls, is it because financial conditions got tighter, or because something happened inside crypto? The two can look identical on a price chart for a day or two. The macro side is easier to check than people think. Looking at the dollar index, real yields and the direction of central bank balance sheets gives a rough read on whether the whole risk complex is being repriced. If crypto falls with the Nasdaq and yields move in the same way, that points toward a risk-appetite or liquidity story. If crypto falls while everything else is calm, the cause is more likely internal, such as exchange trouble, a token unlock, or a regulatory headline. The harder part is that the two causes often overlap, and the mix changes over time. I'd be interested in how others sort this in practice. What is the first thing you check when crypto moves more than the macro backdrop seems to explain?