When looking at the Fed, don’t lump “interest rates” and “liquidity” together. On September 16, the FOMC raised the federal funds rate target range by 25 basis points to 3.75%–4.00%; the latest weekly FRED data (through October 14) show that the Fed’s total assets rose by about $8.08 billion in one week. But total assets are not a direct proxy for bank reserves or net liquidity, and a one-week increase does not amount to QE. For $BTC , what really matters is whether changes in assets persist and how the market reprices the rate path.