#美SEC推动加密创新监管 You may have heard of the Fed's quantitative tightening (QT), but what many people don't realize is that the end of the policy doesn't mean the effects disappear.

Take the one in 2019 as an example. The official announcement was made to stop QT on August 1st, but what happened? The balance sheet still shrank until the middle of the month because that batch of government bonds had not yet matured and settled. So on the surface, they said it stopped, but in reality, it was still decreasing. This time is no different; although a period was marked on December 1st, Benjamin Cowen, the CEO of Into The Cryptoverse, bluntly stated: don't be too optimistic, the balance sheet may not truly recover until early 2026.

Why? Because this thing is not a switch; it is a chronic adjustment. Tapering = less money in the market, liquidity tightens, and asset prices naturally come under pressure. This is even more sensitive for the crypto market — when the Fed pulls back, funds may first retreat from high-risk assets.

So this time window is quite delicate. The policy has stalled, but the aftershocks are still present. To avoid pitfalls in this wave of market movement, paying attention to the Fed's balance sheet data is much more useful than listening to slogans. After all, the market doesn't care how you speak, it only looks at where the money flows.