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