The Fed officially ended QT in September 2019 and pivoted to outright QE by March 2020.

During that 6-month transition period (Sep 2019 → Mar 2020), Bitcoin fell ~65%, while the Altcoin/BTC ratio surged +90%.

Fast forward to now: the Fed is scheduled to end QT on December 1st, 2025.

With altcoin sentiment currently at all-time lows and the Alt/BTC ratio extremely depressed, history suggests we could be on the verge of a major reversal in altcoin relative performance once liquidity fully turns back on.

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