The Fed takes action: injecting $19.5 billion in overnight repo funds into the banking system. What signal does this send? Banks are facing a shortage of USD cash, and market liquidity is tightening. This situation might persist until the Fed 'surrenders' (forced to restart QE). ️ How does history repeat itself? In September 2019, a similar repo crisis pushed the Fed to end QT and restart QE. The result? U.S. stocks and Bitcoin immediately kicked off a bull run (until interrupted by the pandemic). What does this mean for the market? ▪ In the short term, volatility might increase; ▪ In the long run, massive liquidity injections are undoubtedly the strongest catalyst for a bull market, bar none. If we’re carving a mark on a boat to find a sword: Is this the starting point of a new cycle?