$BTC ripped after the Fed move, but I don’t think the $15.6B headline tells the full story. The New York Fed is buying around $15.6B of T-bills through scheduled reinvestment from Sept. 15 to Oct. 14. Reserve-management purchases are still at zero. So this is more about recycling principal from maturing agency securities into short-term Treasuries. The balance sheet stays roughly stable, which makes this very different from classic QE. The timing matters too. The Fed raised rates by 25 bp to 3.75%–4.00% in the same week, while $BTC moved from the mid-$75K area to above $80K shortly after. For me, the stronger drivers were probably the short squeeze, improving risk appetite, fresh spot ETF inflows, and traders buying once the Fed event was out of the way. The $15.6B reinvestment still helps the liquidity narrative, but it feels more like a supporting factor than the main reason for the breakout. I’m watching for sustained Fed balance-sheet growth or a restart in reserve-management purchases. That would be a much bigger signal for $BTC .