The Federal Reserve will inject approximately $6.8 billion in liquidity into the market tomorrow morning at 9:00 AM Eastern Time.

In terms of scale alone, this does not constitute a trend-level stimulus; it is more like a routine adjustment to the short-term financing market.

But the key is not the numbers, but the timing.

Standing at the point where QT has been confirmed to end in December 2025, such operations are no longer seen as 'emergency measures' but rather as a normalization of liquidity support by the market.

In other words, the current core goal of the Federal Reserve is not to actively tighten but to ensure that the operational friction within the financial system remains within a controllable range.

This represents a policy stance of default stability.

From historical experience and recent data, this kind of 'marginal liquidity improvement' often first manifests in the valuation of risk assets, especially in technology stocks and cryptocurrencies.

The reason is not complicated — they are the most sensitive to liquidity.

Bitcoin essentially does not rely on cash flow or fundamental expansion;

the core variable determining its price has always been the tightening or loosening of global liquidity.

When liquidity is no longer continuously withdrawn and even begins to marginally flow back,

the valuation center of risk assets will naturally be adjusted upwards.

This is not driven by short-term sentiment but rather reflects a directional change in environmental variables.