Unexpectedly losing Fabinho (and therefore having an extra £40m to spend) would explain attempts to sign another (expensive) midfielder.It seems the Reds are the so-called mystery bidder for Moises, supposedly offering £80m + when the wouldn’t pay £88m for Bellingham.
I also think that Bellingham already had his heart set on Real Madrid, so Liverpool stepped away citing cost to save face rather than trying for a player they knew they wouldn't get even if they made a big bid.