The Fed's quiet money printing is becoming harder to ignore. By purchasing bills, the Treasury essentially gets a free pass to spend—what some call stealth QE. Call it what you want, but make no mistake: the central bank is expanding its balance sheet once again, and this time without even factoring in potential policy shifts ahead of 2026.

This isn't theoretical. When the Fed buys Treasury bills, it injects liquidity into the system. That money has to go somewhere—stocks, bonds, commodities, alternative assets. For crypto markets especially, periods of balance sheet expansion historically correlate with increased asset price discovery. The mechanics are simple: more money chasing yields tends to find its way into riskier corners of the market.

The question for traders isn't whether this is QE by another name. It's what happens to liquidity conditions when central banks stop pretending they're on autopilot.