Fed Halts $6.6 Trillion Balance Sheet to Steady Markets as Crypto Fluctuates and Earnings Vary

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Fed Halts $6.6 Trillion Balance Sheet to Steady Markets as Crypto Fluctuates and Earnings Vary

Bitget-RWA2025/11/20 03:40

By:Bitget-RWA

- The Fed halted its $6.6T QT program on Nov 19, 2025, to stabilize markets amid shifting economic conditions and maintain balance sheet size. - Corporate earnings showed divergence: Quorum's Q3 EBITDA fell 14%, while crypto exchange Bullish reported $18.5M net profit via U.S. trading expansion. - Uniswap's UNIfication token allocation plan sparked debate, contrasting with Bullish's $1B crypto options volume success in Q3. - Critics warn Fed's regulatory easing risks central bank independence, as liquidity

On November 19, 2025, the Federal Reserve declared it would bring its quantitative tightening (QT) initiative to an end, concluding a three-year period of reducing its balance sheet. This move,

detailed in an official policy release

, represents a change in monetary policy as the central bank seeks to maintain sufficient liquidity in financial markets in response to shifting economic circumstances. After shrinking from a high of $9 trillion to about $6.6 trillion, the Fed’s balance sheet will now be held steady,

with policymakers highlighting the importance of supporting job growth

and keeping inflation in check.

Recent earnings from major industries painted a varied picture. Quorum, which specializes in enterprise software,

posted a 14% year-over-year drop in adjusted EBITDA

to $1.9 million for the third quarter of 2025, citing weaker SaaS revenues and tighter margins. Meanwhile, GDS Holdings Limited, a data center company, reaffirmed its 2025 revenue outlook even as utilization rates temporarily fell to 74.4%,

a result of bringing new facilities online

. Elsewhere, crypto trading platform Bullish

returned to profitability in Q3

, posting $18.5 million in net earnings on $76.5 million in adjusted revenue, driven by the rollout of U.S. spot and crypto options trading.

The Fed’s suspension of QT is in step with wider regulatory changes.

Federal Reserve Governor Stephen Miran pointed out

that loosening financial regulations could allow the Fed to further reduce its balance sheet in the future, provided banks can handle less liquidity support. Miran also suggested that lighter regulation might lessen the view that the Fed is favoring certain sectors through its asset purchases.

On the other hand, some detractors believe

that the Fed’s closer fiscal coordination—highlighted by Real Vision founder Raoul Pal—signals a transfer of liquidity management from the central bank to the Treasury, which could threaten the Fed’s autonomy.

Fed Halts $6.6 Trillion Balance Sheet to Steady Markets as Crypto Fluctuates and Earnings Vary image 0

Within the cryptocurrency sector, Uniswap’s UNIfication proposal has ignited discussion. The leading decentralized exchange (DEX)

intends to distribute 20 million UNI tokens each year

to back ecosystem development, a plan that advocates see as vital for expansion while opponents warn it could erode token value by acting as a “tax on success.” This comes after Bullish’s strong entry into the U.S. market, where it

achieved over $1 billion in options trading volume

in just one quarter.

The Federal Reserve’s policy shift, together with varying corporate results and changes in the crypto industry, highlights the complexity of the current economic landscape. As central banks strive to balance inflation management with financial stability, companies and blockchain initiatives are adjusting their approaches to keep pace with regulatory and market changes. With 2025 nearing its end, investors are closely watching how these trends will influence liquidity, interest rates, and the broader digital asset ecosystem.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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