Today's violent rebound of BTC is the emotional release at the liquidity turning point.

On December 1st, the Federal Reserve conducted a $13.5B overnight repurchase operation. This is a scale that has rarely been seen in the past four years, a typical signal of "the market is short of dollars in the short term."

Stopping QT + overnight repurchase spike, simply put: no more easing, but the tightening has ended, the liquidity bottom turning point has arrived.