Using AI to organize the past four rounds of Federal Reserve QE, in comparison with BTC's trend, we can see a very stable macro pattern:

1) Sensitivity of Crypto to liquidity = the strongest among all major assets

The essence of QE is balance sheet expansion + interest rate reduction → lowering risk premiums → increasing asset valuations. The liquidity sensitivity ranking of different assets is very clear:

Crypto > Technology Stocks > Gold > Real Estate > Commodities

The reasons are simple:

① No cash flow constraints, valuations rely entirely on expectations

② High volatility, high elasticity, marginal changes in funds have a huge impact

③ QE lowers risk premiums, and funds naturally flow to the most elastic assets

In a loose environment, Crypto's β is usually 3–5 times that of traditional assets.

2) Every round of QE is accompanied by a structural increase cycle of BTC

QE1 (2008–2010): BTC from no pricing → entering the price discovery phase

QE2 (2010–2011): BTC's first explosive growth (thousands of times)

QE3 (2012–2014): BTC from ~$12 → ~$1100, forming the first 'super cycle'

QE4 (2020–2021): BTC from ~$3800 → ~$69000, the largest increase cycle in history

The three major bull markets of BTC (2011, 2013, 2020–21) correspond completely to QE liquidity expansion.

3) Infusion of liquidity leads to another easily overlooked fact: stopping QT ≠ immediately starting QE, there is often a 'liquidity vacuum period' between QT and QE.

During this phase (we are here), market volatility is greater, and Crypto often does not immediately enter a major upward wave. True exponential growth usually occurs after transitioning from tight to loose (QE initiation).