How do you check whether crypto is trading on liquidity or on its own story?

When crypto rallies or sells off, I often ask whether the move lines up with broader liquidity conditions, like the dollar index, real yields, or central bank balance sheet trends, or whether it looks idiosyncratic. Both can happen at once, which is part of why it gets messy. One rough check I use is comparing crypto's moves against a risk asset basket over a few weeks, rather than day to day. Correlation tends to rise in stress periods, so the same test can look different depending on the regime. I'm not confident how stable any of these relationships are, so I treat them as hypotheses. What is one macro series you watch, and how do you decide whether it is actually explaining the price action rather than just happening to coincide with it?