Why Bitcoin has recently reacted more to liquidity conditions than to rate cuts

bitcoin
Bitcoin (BTC) $ 68,407.00
ethereum
Ethereum (ETH) $ 2,001.09
tether
Tether (USDT) $ 0.999758
bnb
BNB (BNB) $ 609.63
xrp
XRP (XRP) $ 1.40
solana
Solana (SOL) $ 82.58
dogecoin
Dogecoin (DOGE) $ 0.091772
chainlink
Chainlink (LINK) $ 8.51
shiba-inu
Shiba Inu (SHIB) $ 0.000006
nexo
NEXO (NEXO) $ 0.810378
enjincoin
Enjin Coin (ENJ) $ 0.022181
cardano
Cardano (ADA) $ 0.262078