10.17 The correlation between the Fed's balance sheet, ETH/BTC, and gold 1. First, the Fed's balance sheet represents liquidity. It is roughly positively correlated with ETH/BTC and somewhat negatively correlated with gold. During QT, ETH/BTC drops while gold rises; during QE, ETH/BTC rises while gold fluctuates. 2. Currently, we are at the end of QT. Gold seems to be having its final celebration, while ETH/BTC is undergoing its last adjustment. Looking bullish for ETH/BTC in Q4 and Q1 next year.