# QT

A lot has shifted in the last 48 hours. Markets still feel noisy, sentiment is confused, and price action looks shaky… but the macro structure of this cycle is finally becoming clearer.
1️⃣ QT Has Officially Ended
On Dec 1, the Federal Reserve froze the balance sheet. QT is done.
This doesn’t pump liquidity overnight, but historically the 3–9 months after QT ends are where crypto begins its mid-cycle acceleration.
Sequence we’ve seen in past cycles:
• QT ends → liquidity tightening stops
• RRP + reserves stabilize
• Treasury markets calm
• Credit spreads ease
• Risk assets move last
We are now