At 3 a.m., the Federal Reserve injected $2.5 billion in liquidity into the market through an overnight repo operation—the largest amount since 2021. The timing is subtle: quantitative tightening has just wrapped up, rate cut expectations are heating up again, and suddenly, liquidity is being released. The underlying signal is worth pondering.

The flow of this money is actually traceable. After primary dealers receive low-interest dollars, they instinctively look for high-return assets. Now, compliant channels for crypto ETFs are more mature than ever—BlackRock’s Bitcoin ETF has already become a routine allocation option for Wall Street funds.

Looking back at history: in the six months following a similar operation in 2021, Bitcoin experienced a significant rally. Of course, history doesn’t simply repeat itself, but the market’s response pattern to liquidity often remains similar.

From ETH to DOGE, and even emerging assets like ASTER, the entire crypto sector has always been highly sensitive to US dollar liquidity. The $2.5 billion may just be a tentative move, but it at least indicates one thing: the water level is rising again.

The market has already started to react—have you noticed?