The most intense week of central bank activity at the end of the year is just around the corner. Can you smell the gunpowder in the air?

This time, a 25 basis point rate cut by the Fed is basically a done deal, with the probability already surging to 88%. But what’s really making the market hold its breath are rumors that the bond-buying program might be restarted. Former New York Fed expert Cabana has hinted that Powell could announce a $45 billion per month bond purchase plan in January—what does this mean? Quantitative tightening (QT) would be coming to an end, and balance sheet expansion mode would be back on.

A major liquidity injection is on the way.

What’s even more unusual is that this doesn’t look like a solo act by the Fed. Bank of America and UBS have both been singing the same tune recently, and New York Fed officials like Williams have repeatedly warned about “tight reserve levels.” Repo market rates keep hitting their upper limits, and the warning lights for liquidity stress are already flashing.

At the same time, central banks in Australia, Canada, and Switzerland all have policy decisions coming up. Things are even more explosive in Japan—Bank of Japan Governor Ueda has taken a clear hawkish stance, with rate hike expectations soaring to 90%, and Japanese government bond yields hitting a 17-year high. Keep in mind, once yen carry trades start to unwind, both US Treasuries and US stocks could take a hit.

So, the question is: Is the Fed just going through the motions with a routine rate cut, or is it preparing to launch “Quantitative Easing 2.0”? If Japan really does hike rates, could it trigger a chain reaction in global bond markets? We’ll get the answer on Wednesday.

As for ETH, SOL, ZEC, and other coins—their next moves might all depend on how this macro shift plays out.