The 2019–2020 macro playbook is quietly returning.

Back then:

- QT ended

- Liquidity returned through T-bill purchases

- QE restarted

Bitcoin followed with a massive expansion.

Today, the same liquidity indicators are beginning to align again.

Since QT ended in 2025 and the Fed resumed buying in mid-December 2025, it has already purchased more than $90 billion in Treasury bills.