The Federal Reserve cut interest rates by 25 basis points as expected this week. To be honest, this move itself isn't worth deep analysis—markets had already priced it in.

But what comes next has been overlooked by most people, and this is the part that warrants attention👇

The Federal Reserve plans to initiate a Treasury reserve management purchase program within the next 30 days. Several key pieces of information are clear:

• Initial scale: $40 billion
• Start date: December 12
• Reserve growth may continue until April 2026

It's not called quantitative easing, but its actual effect is similar to QE.

As long as the Federal Reserve begins buying Treasuries, the reserves in the banking system will increase, and liquidity in the system can improve. In other words, this is a low-key, gradual "hidden quantitative easing."

The key is the shift in direction.

Over the past 24 months, the Federal Reserve has been doing the same thing: shrinking the balance sheet and withdrawing liquidity. Now, the situation has reversed—the balance sheet has shifted from unidirectional contraction to phased net injection. This isn't a matter of numbers; it's a matter of trend.

There's a logic we've been emphasizing all along, which is simple:

👉 Liquidity > Interest Rates > Fundamentals

Looking back at history, almost every time bank reserves start to rebound and the balance sheet stabilizes, risk assets tend to react ahead of time.

At the same time, the interest rate market is also following this signal.

Federal Funds futures are already pricing in:
• Two more rate cuts before 2026
• Total approximately 50 basis points

What does this indicate?

It suggests that the policy environment may be more moderate than the current market consensus.

This is especially important for the crypto market.

BTC is not priced based on cash flow; one of its core driving forces is the tightness of dollar liquidity. Once the Fed shifts from withdrawal to injection—even if it's "hidden"—the market will start to digest this in advance. For example, BTC, ETH, and ENA could perform well.

Especially considering several background factors:

• The halving has already occurred
• Institutional participation is still rising
• Market sentiment is still in the recovery phase

So the conclusion is quite straightforward:

This isn't the massive quantitative easing of 2020, but it is likely—an underestimated liquidity turning point.

And the market usually starts to act before the vast majority of people react.