Maybe announcing 40BN of bills per month actually mattered to hard money. Dopiest balance sheet policy ever from the dopiest federal reserve ever.  We went overweight gold the moment it was announced. There was no reserves problem. Only uneven distribution which they didn't fix

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Binance, the world’s largest cryptocurrency exchange, continues its rapid pace of altcoin listings.
At this point, Binance announced that it will list the altcoin called Espresso ($ESP).
“Binance will...

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Usage of the Fed's SRF mostly ceased at the start of the year, and the SOFR IORB spread chilled out.
So I'd say topping up reserves helped the uneven distribution issue. And they'll likely slow down the purchases soon around tax season.