Last night, the Federal Reserve did something big—it officially hit the pause button on QT.

Translated from Powell’s official rhetoric, it basically means: “We’re not pulling liquidity out anymore; let the market’s money flow as it will.” As soon as he finished speaking, Bitcoin surged like it was on steroids, jumping 7% in a single day and breaking past $92,000. This move left a lot of bears dumbfounded.

The shorts who were still calling for “further declines” just a few days ago have now been completely wiped out. According to statistics, over $1 billion was liquidated in just one day—no doubt, many are now licking their wounds in silence. The market can turn faster than flipping a page.

Tom Lee, on the other hand, saw this coming. He said on a show earlier that once QT stops, BTC would inevitably start a new rally. Now, with that “I told you so” look, he’s even calling for a $200,000 target—while it sounds exaggerated, this rally definitely leaves room for imagination.

In simple terms, this policy shift by the Fed is like a shot of adrenaline for the market. With liquidity no longer tightening, money will naturally look for a place to go, and the crypto market is clearly one of the hottest spots for fast-moving capital. Where the market goes next will depend on whether macro conditions and sentiment keep up. But for now, the bulls have the upper hand.