Three recent events coming together feel pretty interesting.

Let’s start with liquidity. After three years of quantitative tightening, the Fed is finally loosening up. We don’t know how much liquidity will actually be released, but at least the direction has changed. In the past, whenever this happened, where did the money rush to first? You know the answer.

Then, there’s movement on the institutional side—Vanguard, a traditionally conservative giant, actually opened up access to crypto ETFs for 50 million users. Keep in mind, they had been adamantly against this before. This kind of signal is more effective than any market call; it shows that traditional capital entry points are opening up.

On the technical front, something big is brewing too. Recently, CME’s ETH futures trading volume surpassed BTC’s, which is rare. The reason could be related to the December 4th upgrade—Fusaka version will increase Blob capacity via PeerDAS and segmentation, taking Layer2’s cost and speed to the next level. Open interest in futures has already surged, volatility is high, and lots of people are positioning themselves in advance.

In short: the macro environment is shifting, capital channels are opening, and the tech narrative is heating up. With all three variables appearing at once, it’s unclear whether this time things will really move, or if it’s just another round of “expectations met → rally over” as usual.

What do you guys think? Can this wave actually take off?