Although the Fed's QT has ended, improvements in liquidity may have to wait until early next year.

[Block Rhythm] I saw that some analysts pulled out an old ledger from 2019—back then, the Fed said they would stop QT (Quantitative Tightening) on August 1st, but the balance sheet was still shrinking in August. Why? Because the maturing treasury bonds would not be settled until mid-August.

It's the same old routine this time. Although the official announcement states that quantitative tightening will end on December 1st, don't expect the balance sheet to turn positive right away. Based on last time's experience, we might have to wait until early 2026 to see any real changes.

In simple terms: there is a time lag between policy implementation and data reflection. For the crypto world, this means that real liquidity improvement will have to wait a few more months. Those calling for a bull market turnaround might be overthinking it.