The Fed is about to officially announce the cessation of quantitative tightening (QT), and this years-long "balance sheet reduction" action is finally going to hit the pause button.

What does this signal mean?
In simple terms, it means that the central bank will no longer continue to "suck out" liquidity. Although it hasn't reached the "release liquidity" stage yet, at least the faucet is no longer being turned back. The marginal changes in global liquidity could potentially reshape the landscape of the capital markets.

How will Bitcoin perform? There are two opposing voices in the market:

Optimists believe that an improvement in liquidity expectations will boost risk assets, and the narrative of Bitcoin as "digital gold" will once again attract capital inflows.

Caution from Cautionary Dispatch: The market often reacts in advance, and it may have already price in this expectation. Be careful of the classic scenario of "good news turning into bad news" repeating.

The performance of mainstream cryptocurrencies like BTC and ETH in the future may be hidden in this policy turning point.

Which side are you on? Feel free to share your judgment.