Is crypto still driving itself or just reacting to macro now?

Genuine question I’ve been thinking about lately.

It used to feel like crypto had its own rhythm halvings, exchange listings, protocol upgrades, hype cycles, etc.

But recently it feels like everything just follows macro conditions first rates, liquidity, risk appetite, and crypto only reacts after.

Curious how others see it:

Is crypto still its own narrative-driven market?

Or has macro completely taken over short-term direction?