Mainstream accounts emphasize bullish options flows and leveraged ETF inflows as accelerators of the recent equity advance, yet primary data from Federal Reserve balance-sheet releases reveal deeper liquidity injections tied to balance-sheet runoff pauses and repo-market interventions that have altered dealer financing conditions since 2023. CFTC Commitments of Traders reports further document a sustained net-long positioning among asset managers that coincides with reduced short interest across major indices, a pattern that extends beyond retail-driven narratives. Geopolitical policy developments, including adjustments in U.S.-China trade frameworks and European Central Bank liquidity facilities, have redirected cross-border capital in ways that amplify domestic equity demand while dampening volatility transmission. Coverage has underweighted how these macro liquidity channels interact with options gamma exposure to create self-reinforcing price momentum, a dynamic visible in successive revisions to the Fed's H.4.1 statistical releases rather than headline volume alone. Multiple perspectives emerge: one attributes persistence to mechanical ETF rebalancing, another to deliberate monetary accommodation that cushions downside, and a third to hedging activity by institutions wary of sudden policy reversals in response to global supply-chain frictions. Primary documents consistently show these forces operating in tandem, independent of any single narrative.