When real yields rise, how much weight do you give to that versus the dollar when reading crypto?

Real yields and the dollar often get lumped together as "tighter conditions," but they can pull crypto in different directions for a while. A rising real yield raises the opportunity cost of holding assets that pay nothing, while a stronger dollar can tighten global liquidity more broadly. Sometimes one dominates and sometimes they diverge. I have been trying to separate the two in my own reading of past episodes, and it is messier than the textbook story. Some stretches look like a pure real-yield story, others look like dollar funding stress, and a few look like crypto-specific flows that happened to coincide. So I am curious how others frame it. When you look at a sharp move, what do you check first, and what would make you drop the macro explanation altogether?