The Fed just confirmed a massive liquidity rotation. Many people are talking about “bear market.” Sentiment is washed out. Even some long time crypto holders are wobbling. But underneath the surface, the story is completely different: → RRP drained from $2.5T to basically zero → QT ends in days → None of that cash disappeared…it moved And here’s the part we need to remember: Liquidity doesn't hit risk assets first. When the RRP drained, that money didn’t go into crypto. It went into Treasuries...T-bills, short-term government debt, plugging the deficit. That was Stage One. And it’s already done. Stage Two is when liquidity pushes out the risk curve... NOT BECAUSE OF HYPE, but because yield forces it there. That phase is beginning right now. Crypto looks awful because we’re in the transition zone...the part where sentiment lags the plumbing. Sentiment is backward-looking. Liquidity is forward-looking. We’re not late. We’re early. Crypto isn’t breaking…it’s coiling.(Dan Gambardello)