Here’s a perspective that differs from the mainstream view on why BTC has suddenly entered a sideways range: The incremental liquidity in the entire market is beginning to weaken. - The Federal Reserve’s balance sheet stood at approximately $6.73 trillion as of August 26, and has been flatlining. - Bank reserves have declined from $2.99 trillion on August 5 to $2.92 trillion. - The New York Fed has not conducted any additional reserve management purchases between August 14 and September 14. In other words, the Fed has stopped injecting new liquidity acceleration into the market. The Treasury’s repurchase of long-term Treasuries is often mistakenly interpreted by the market as easing—but this time, while similar in mechanism, it has genuinely shifted sentiment. In reality, the Treasury is simultaneously buying back old debt and issuing new debt to raise funds, primarily aiming to adjust debt maturity profiles and enhance liquidity in long-term bond trading. The net increase in dollar supply is far smaller than under QE, making it unlikely to directly propel risk assets into a bull market.