How do you separate a crypto move driven by liquidity from one driven by its own news?

When crypto moves sharply, I try to first check whether it lines up with broader conditions. Things I look at are the dollar index, real yields, and the direction of central bank balance sheets. If several of those shifted at the same time, the move may be a liquidity or risk-appetite story rather than something specific to crypto. If the move happens while those macro inputs are flat, I start weighing crypto-specific explanations more heavily, such as protocol news, exchange issues, or regulatory headlines. I try to keep these two buckets separate in my notes, because they tend to behave differently over the following days. I'm not confident this framing holds up across every cycle, and I've seen crypto ignore macro for long stretches. So I'd like to hear how others decide which bucket a move belongs in, and what evidence changes your mind. What is the single signal you check first when crypto drops hard?