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

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,

, 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, and keeping inflation in check.

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

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%, . Elsewhere, crypto trading platform Bullish , 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.

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. 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.

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

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 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.