I almost got a shock scrolling my phone this morning—BTC shot straight up to $92,000?! After checking the news, I found out the Fed officially announced the end of QT (Quantitative Tightening) last night, and the market immediately went wild.

**Let’s make one thing clear: Don’t get excited too soon**
A lot of people think the end of QT means the Fed is about to start printing money, but that’s not the case. They’re just stopping the monthly drain of $95 billion in liquidity from the market. It’s like your sink used to leak every day, and now the leak is plugged—but the faucet isn’t running yet.

That said, the market is already betting on “what’s next.” Looking back at the end of QT in 2019, the real surge came only after QE (Quantitative Easing) started. This time, the Fed also made a big move: they injected $13.5 billion into the market via overnight repo operations—the most aggressive move since the pandemic. That should be a pretty clear signal, right?

**The technicals look great, but stay cautious**
After breaking $90,000, short-term moving averages are indeed bullish. The problem is, RSI is already nearing overbought territory—a pullback could happen at any time. What’s even stranger is the capital flow: BTC spot ETFs have recently seen net outflows, which means some are selling into the rally.

But on-chain data tells a different story—whale addresses are quietly accumulating at lower levels. Retail is fleeing, institutions are buying? This playbook feels familiar.

**The most contradictory part is sentiment**
The Fear & Greed Index is still stuck at 27 (fear zone), and retail investors aren’t chasing the rally at all. According to contrarian logic, this might actually be a good thing—after all, real tops usually form when everyone’s shouting “to the moon.”

So here’s where we stand: the sink has stopped leaking, but the faucet isn’t on yet; prices are up, but retail isn’t in; ETFs are seeing outflows, while whales are stocking up. What’s next? Honestly, I’m watching from the sidelines too.