Global accounts are still expanding, even as the Fed hasn't stopped quantitative tightening (QT).

A paradox is playing out in the market: US M2 has reached a record pace of $22.8 trillion, while the Fed's balance sheet continues to shrink and is now only about 6.7 trillion USD.
Accounts are no longer entirely dependent on the Fed.
Increased credit growth by the banking system, financial spending, and private sector inflows are largely offsetting the effects of quantitative tightening (QT).
For #Bitcoin, this is noteworthy.
Historically, whenever M2 enters an expansionary trend, scarce assets like bitcoin:native tend to benefit from a lockdown, despite relatively tight monetary policy.
The Fed is still withdrawing payments, but the amount of money in the economy continues to increase. That's a difference many investors are overlooking.