According to @BinanceResearch, the era of Quantitative Tightening (QT) has ended, shifting the macro backdrop from headwind to potential liquidity tailwind for Bitcoin (BTC) and risk assets. Source: @BinanceResearch tweet dated Nov 20, 2025 and Binance Research analysis page binance.com/en/research/analysis/the-end-of-qt-from-macro-headwind-to-tailwind. They highlight a forthcoming Treasury General Account (TGA) “liquidity slingshot” once federal spending resumes, flagging this as a near-term market liquidity driver relevant for crypto risk exposure. Source: @BinanceResearch tweet dated Nov 20, 2025 and Binance Research analysis page binance.com/en/research/analysis/the-end-of-qt-from-macro-headwind-to-tailwind. They also expect a “QE-Lite” phase likely in early 2026 and discuss how to position for Bitcoin and risk assets into these liquidity shifts. Source: @BinanceResearch tweet dated Nov 20, 2025 and Binance Research analysis page binance.com/en/research/analysis/the-end-of-qt-from-macro-headwind-to-tailwind.

According to @MilkRoadDaily, global liquidity growth has slowed as a stronger U.S. dollar and the U.S. Treasury refilling its Treasury General Account pull capital out of risk assets like crypto, pressuring BTC and ETH in the near term, source: @MilkRoadDaily on X, Aug 10, 2025. They state this impact is short term and note that a potential September Federal Reserve rate cut could reverse the liquidity drag by easing financial conditions, potentially supporting a risk-on rotation back into crypto, source: @MilkRoadDaily on X, Aug 10, 2025. Traders are advised to monitor the dollar trend, TGA balances, and the September policy path to time re-entry and beta exposure in BTC and ETH, source: @MilkRoadDaily on X, Aug 10, 2025.