Bull run coming back quickly? What does this chart seem to indicate? The Fed injected $1.95 billion into banks through 'overnight repos.' What does this mean behind the scenes? Banks are short on cash (USD). Liquidity is severely tight, and the Fed had to step in to provide relief. Will it continue? Most likely, yes, until the Fed is forced to restart QE (Quantitative Easing). When was the last time this happened? September 2019. The same repo crisis occurred, QT ended, and QE was restarted. After that, the U.S. stock market and Bitcoin saw a massive bull run (until it was interrupted by the pandemic). What signal does this send? Short-term liquidity shortage, increased volatility; in the long term, it’s definitely a bull market engine. In other words, the bull run is coming back quickly.