10.17 The relationship between the Federal Reserve's balance sheet, ETH/BTC, and gold 1. First, the Federal Reserve's balance sheet represents liquidity, which is roughly positively correlated with ETH/BTC and negatively correlated to some extent with gold. During the QT period, ETH/BTC fell while gold rose; during the QE period, ETH/BTC rose while gold fluctuated. 2. Currently, we are at the end of the QT period, and gold has a sense of final celebration, while ETH/BTC is undergoing its last adjustment. Looking ahead to the fourth quarter and the first quarter of next year, we are bullish on ETH/BTC.