QT officially ended December 1st. But don't expect crypto to pump immediately. I wanted to look at how liquidity actually flows after QT ends and there's a sequence to it. 2019: QT ended around September. Around that time, the repo market got destroyed. The Fed had to inject emergency liquidity. Crypto kept falling. Altcoin bottom didn't come until December. Thankfully, the Fed seems to have a better grip this cycle. They ended QT earlier than expected specifically to avoid that kind of stress. We just need to understand that QT ending is just the "stop" signal. The drain stops. The system stabilizes. But that's not the "go" signal. The "go" signal is when real demand returns. Credit rotating. PMI moving into expansion. That's when liquidity actually flows into risk assets...and crypto is at the far end of that curve. Right now, PMI just actually ticked down to 48.2. Still contracting. We have the stop. We don't have the GO yet. I mapped out the 4-phase sequence and what to watch for:(Dan Gambardello)