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BTC 
ETH Crypto traders should not prematurely define it as a new round of quantitative easing
The Federal Reserve has launched a new round of treasury note purchases, which has revived the question that crypto traders have been discussing for months: Is the Fed quietly implementing easing?
The Federal Reserve Bank of New York plans to make approximately US$15.6 billion in reinvestment purchases of treasury notes between September 15 and October 14, and no separate reserve management purchases have been arranged. On September 16, the Federal Reserve raised the federal funds target rate range by 25 basis points to 3.75% to 4%.
Reinvestment is designed to replace maturing debt rather than expand the Fed's balance sheet, which is what distinguishes it from quantitative easing (QE). The Fed said its operations were aimed at maintaining adequate reserve levels. 
Source: Federal Reserve Bank of New York
Why liquidity is crucial to bitcoin
The key lies in whether the Fed's actions can improve the financial conditions of the cryptocurrency market. Bitcoin is increasingly sensitive to dollar liquidity, government bond yields and leverage. When funds are loose, investors are able to take on more risks; when liquidity is tight, speculative assets may come under pressure.
DeFi Planet's analysis of bitcoin and U.S. dollar liquidity explains various indicators including U.S. dollar exchange rates, bond yields and credit spreads. Current operations provide traders with a data point, but do not prove that financial conditions have become easier.
Market data has shown a rebound in risk appetite.Flicker Finance在9月18日报道称，加密市场总市值达到2.682万亿美元，24小时内上涨2.94%。比特币交易价格接近78,160美元，上涨2.53%，而以太坊上涨3.33%，至约2,505美元。
Flicker的数据显示，风险曲线后端的资产涨幅更为显著。Uniswap上涨31.50%，Arbitrum上涨27.68%，NEAR上涨26.22%，均跑赢了比特币自身的涨幅。Flicker对比特币的各项指标信号混合：持有信号置信度为78%，趋势评级为买入，但动能评级为持有，这表明该平台的模型认为当前环境积极，但尚未形成完全的确信。
交易员正密切关注传导效应
流动性叙事已出现在市场评论中。Martini Guy表示流动性已回到他的关注视野，并正在观察比特币是否会对此次购买作出反应。Coinvol将此次购买与市场流动性联系起来，尽管其引用的165亿美元数字与纽约联储计划的156亿美元有所差异。
美联储今天开始国债票据购买。
通过10月14日，计划进行约156亿美元的再投资购买。
流动性已回到我的雷达上。
现在我要观察比特币是否会对这些购买作出反应。
— That Martini Guy ₿ (@MartiniGuyYT) 2026年9月18日
The more important test is whether liquidity can actually flow into risky assets. Compared with the U.S. financial market, the $15.6 billion reinvestment is small. Its market impact depends on reserve conditions, treasury bond yields, the trend of the US dollar and the layout of investors 'positions.
The Federal Reserve's interest rate decision further complicates the situation. Policymakers raised interest rates while maintaining a framework of adequate reserves. Therefore, traders cannot view bond purchases as proof that monetary policy has been loosened.
What crypto traders should pay attention to
Treasury yields may be more important than the purchase news itself. If yields fall, while reserves remain stable and risk appetite increases, it will support the current rally in cryptocurrencies. If yields rise and financial conditions tighten, it will be negative for a rebound.
Stability currency flows are equally important as derivatives positions. Flicker's data dashboard shows positive funding rates on some assets, indicating that leveraged bulls are paying fees to maintain positions. If leverage rises too fast, a liquidity-driven rebound may become fragile by forced liquidations.
For Bitcoin, the next signal will come from Federal Reserve operations, bond yields, dollar liquidity, and market positions. The purchase puts liquidity back in focus, but the data does not support calling it a new cycle of quantitative easing.
