$15.6B in bond purchases and suddenly everyone is calling it stealth QE 👀 For $BTC, the interesting part isn't just the amount the Fed is buying. It's whether those purchases actually translate into easier financial conditions and more liquidity reaching risk assets. There's a big difference between the Fed managing short-term liquidity and launching a full-scale QE programme. If yields start falling, the dollar weakens and ETF inflows pick up alongside these purchases, then the liquidity narrative becomes much more interesting. But if the Fed is simply keeping funding markets functioning while rates remain restrictive, I wouldn't expect that alone to fuel a sustained Bitcoin breakout. What I'm watching is whether spot buyers keep stepping in after the initial excitement fades. A liquidity headline can trigger a pump, but sustained demand is what turns that pump into a proper trend. For me, $BTC holding its gains while ETF flows improve would be the confirmation that this is more than just another short-term liquidity trade.