WuShuo has learned that Delphi Digital pointed out that the Federal Reserve's reverse repurchase agreement (RRP) balance has depleted from its peak of over $2 trillion to nearly zero, officially eliminating the liquidity buffer. In the future, Treasury bond issuance or TGA replenishment will directly withdraw bank reserves. If the Fed is unwilling to repeat the 2019 repo crisis, it may be forced to shift from "balance sheet reduction" (quantitative tightening) to "balance sheet expansion" (quantitative easing). With QT nearing its end and TGA possibly declining, US marginal liquidity is turning positive, and the crypto market may be approaching a turning point after two years of tight monetary headwinds.