Global liquidity has surged to $176 trillion, driven by fresh injections from China and generally improving liquidity conditions worldwide. In September, there were 21 global interest rate cuts, the most since 2020, with significant contributions from China and the US. This increase in liquidity is causing risk assets to surge, with stocks and gold reaching all-time highs. The influx of liquidity is expected to significantly impact the crypto market, potentially leading to massive gains. The rate cuts are the most since the Global Financial Crisis and Covid.