The Fed's QT has come to an end.

This news is likely to be drowned out by the flood of information, and most people probably haven't even reacted to what it actually means. But it doesn't matter—this wave of released liquidity won't instantly reflect on the K-line.

The bear still has to bear for a while.

The real show is yet to come: when the price drops to a sufficiently bloody level, this money will quietly enter the market and consume those bloody chips. And then? Lie quietly and wait to harvest when the next wave of the market explodes.

The story of Bitcoin has always been written like this.