It's completely obvious that this has benefited crypto in an enormous way. The money printed is going directly to the financial markets. Low interest rates are keeping equities attractive. Cryptocurrencies as an asset class are closer to equities than anything else. To be more exact, they behave like risk-on equities like the speculative extreme of the tech sector. The appetite for risk that an increasing number of institutional investors currently have is a direct consequence of central bank policies. Institutions are interested in the massive upside of crypto as a new asset class vs. equities.

I've been amused by reading about how many investment gurus whose experience is telling them that equities are overpriced at the moment are choosing to sit on cash. So long as central banks are forced to keep easing, risk-on assets will be fine and those sitting on cash will lose.

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