The question of whether global liquidity is undergoing a new restructuring during the Fed's policy moves is a matter of curiosity. The drop in the USDT.D index, the inflows of spot ETF's into the market, and the movements in bond interest rates - the implications of these factors for the crypto market are quite significant. Especially when looking at the correlation between liquidity movements and traditional financial instruments, it is reasonable to question whether the market is at the beginning of a new cycle. The interaction between macroeconomic data and the digital asset market may become more noticeable in the coming days.