The Fed's balance sheet is expanding again after an extended period of contraction. While this isn't technically quantitative easing in the classical sense, the trend is still notable. The central bank's willingness to expand its balance sheet carries implications for liquidity conditions and asset markets broadly. For those tracking macro conditions and their ripple effects into crypto markets, this shift warrants attention—it signals a shift in monetary posture even if officials avoid the QE label. Sometimes the label matters less than what's actually happening under the hood.