The Fed's balance sheet just hit $6.53 trillion — down a staggering 27% from its pandemic peak of $8.97 trillion. That's nearly $2.5 trillion in liquidity drained from the system. Remember when everyone was screaming about money printer going brrr? Well, the reverse is happening now, and it's happening fast. This quantitative tightening is reshaping market dynamics across all risk assets. Fewer dollars chasing the same assets means pressure on valuations, whether you're looking at stocks, bonds, or crypto. The liquidity environment has fundamentally shifted, and anyone paying attention to macro knows this isn't just a data point — it's a trend that could define the next market cycle.