On December 1st, Powell subtly dropped three profound statements at the event commemorating George Shultz.

He said that it is now "like driving in a fog"—the data is too chaotic, and the Federal Reserve is reluctant to immediately loosen monetary policy. He then mentioned that the labor market appears stable on the surface, but in reality, there are not enough opportunities, which actually hints at further easing policies having room for action. The final sentence is even more crucial: restrictive policies have clearly alleviated the supply-demand imbalance, and current interest rates have significantly reduced their restrictiveness.

In plain language, it means that the process of tapering (QT) is basically over, and interest rate cuts are a certainty. As for the door to quantitative easing (QE)? It's already half open. For the crypto market, the shift in liquidity expectations may come faster than you think.