#BTC

It has ended.

QT

For cryptocurrency and the stock market, it is a big positive.

A new round of market trends is coming.

The Federal Reserve will no longer passively allow government bonds/mortgage bonds to mature without renewal each month (that is, no longer actively withdrawing liquidity), marking the true end of this tightening cycle, with monetary policy shifting from "active tightening" to "neutral observation".

Over the past two years, QT has continuously drained liquidity, making it one of the most significant macro obstacles to risk assets (stocks + crypto). Now that this layer of resistance has been completely removed, it is equivalent to "the faucet no longer leaking"; as long as the demand for bank reserves does not surge, system liquidity will naturally rebound.

The probability of a rate cut in December has reached 86% (CME FedWatch data)
With the Trump administration set to take office, the market widely expects a more accommodative fiscal and regulatory environment.
The Bitcoin spot ETF continues to see significant net inflows, with accelerated allocations from corporate/national sovereign funds.
→ Ending QT is like adding a super rocket fuel to an already extremely bullish backdrop.