"Stealth QE" is doing more work than the mechanics support. Real QE is Fed-only, it creates new bank reserves and expands the balance sheet to ease conditions. What's actually happening is more tangled. Fed officials Jefferson and Perli have gone on record separating their reserve management purchases from QE entirely, calling them plumbing to keep reserves "ample," not stimulus, entirely in short-term bills rather than the longer-duration buying that actually eases conditions. The optics feed the theory anyway. No press conference, no dramatic headline, and the balance sheet is still up roughly $134.7 billion recently. $BTC ripped on exactly that kind of quiet growth. $HYPE is the clearest proof this liquidity story is real. When the original Treasury buyback news hit in August, traders nicknamed it "QE Lite" in real time, and HYPE ran 22% that day against Bitcoin's 6%, over three times the move on identical news. It's doing it again now, printing highs near $88 on the same easing Fed-hike expectations. High beta to this exact mechanism, not coincidence. The bigger driver isn't even the Fed though. It's Treasury, under Bessent, running buybacks since the original rally in August, when the cap doubled to $4 billion per operation. Separate institution, doesn't expand the money supply either, but the liquidity impact is real regardless of the label. So no, not classic stealth QE. Two agencies running technical operations that add up to genuine support without anyone saying "easing" out loud. HYPE moving three times harder than BTC on the same headline is the best evidence of that.