Bitcoin just hit $81K. The headlines say Fed liquidity. The tape says short liquidations. BTC ripped through $80K to $81,000 on Friday. But the driver wasn't stealth QE. • BTC: $81,000 (+6.8% from Wednesday low) • Fed "bond buying": $15.6B - mechanical MBS reinvestment, zero new money • Altcoins: UNI +15%, ARB, NEAR far outpacing BTC • U.S. 10Y: Rebounds on oil supply fears • Key resistance: $81,700 (365-day MA) The $15.6B was maturing MBS principal rolled into T-bills. The Fed's balance sheet is unchanged. It is not QE. It is portfolio maintenance. The same day, the Fed hiked to 4.00%. The real catalyst: concentrated short liquidations. When shorts get flushed, the move is fast but fragile. Altcoins outperforming BTC confirms it's a risk-on squeeze, not a macro regime shift. The Fed's signal is contradictory. The market trades the dovish interpretation. But policy is still tightening. If the Fed isn't providing liquidity, does the $81K breakout have legs or does it fade once shorts are cleared?