The Fed's balance sheet just got some breathing room. They took the full $25.95B in overnight repo bids—all of it—which is pretty standard for year-end window dressing. Banks are basically tying up loose ends before the calendar flips, making sure their balance sheets look tidy on the books. It's that time of year when liquidity operations get cranked up to smooth out seasonal cash crunches. If you're watching crypto, remember that traditional markets' plumbing indirectly affects everything else. When the Fed's moving billions through repos like this, it signals how tight or loose the money supply really is.