When crypto sells off, how do you tell liquidity stress from crypto-specific news?

When crypto drops hard, the first thing I try to sort out is whether the move lines up with broader conditions or stands apart from them. A rough check is to look at the dollar index, real yields, and whether central bank balance sheets are shrinking or expanding over the same stretch. If crypto falls alongside a strengthening dollar and tightening liquidity, it often behaves like any other risk asset. If it falls while those backdrops are calm or even supportive, I start looking for idiosyncratic causes: an exchange problem, a protocol issue, a regulatory headline, or a large holder moving coins. Those explanations tend to matter more, and they usually show up in specific places rather than across all risk assets at once. I'm not sure this split is always clean. Correlations between crypto and equities shift over time, so what counted as a macro move last year may not count now. I'd like to hear how others separate the two in practice, and which signals you find most reliable. What single indicator do you check first when crypto starts moving sharply, and why that one?