The Federal Reserve is quietly paving the way for the next round of liquidity, but it will not directly engage in large-scale QE as it has in the past. The FOMC has stopped balance sheet reduction-style reinvestment since December, shifting agency debt/MBS principal to government bonds and rolling over maturing government bonds, while the New York Fed will buy government bonds in the secondary market and announce operations monthly.
This operation is referred to in the market as RMP (Reserve Management Purchase). The Federal Reserve officially explains that it is merely to maintain liquidity in the banking system, ensuring smooth payments and settlements, and only buying short-term government bonds, appearing to be passive.
But essentially, RMP is no different from QE: the Federal Reserve creates dollars to purchase bonds, the market receives cash, balance sheets expand, and liquidity increases. For risk assets such as cryptocurrencies and U.S. stocks, as long as the Federal Reserve is "buying things," liquidity will eventually flow into asset prices.