#数字资产行情上升 $LUNA $ADA $ZEC—Still obsessing over rate cuts? Stop. The market’s rules of the game might have already changed.

Don’t get brainwashed by the rate cut narrative—look closely at what’s really happening right now.

**First, a reality check: is quantitative tightening really over?**

Everyone’s saying, “QT is done, the floodgates are about to open.” But if you read the official statements, the Fed never actually said that. Right now, many are taking expectations as facts and celebrating way too early. When will the real liquidity turning point come? We need to watch for actual signals, not just talk.

**So what’s really happening in the crypto market now? Three trends to watch**

Bitcoin isn’t going solo anymore. In 2025, Bitcoin’s rhythm is being led by the US stock market (especially tech stocks). When the Nasdaq wobbles, so does crypto. Macro sentiment is the real driving force—this is reality.

There’s plenty of new money coming in, but it’s all flooding into Bitcoin. $ADA, $LUNA, those old-school altcoins? Still waiting for their moment. This is the real “localized bull market”—centralized, with a single point of breakout.

The key thing is the whales are moving. It’s not just simple buying; their strategies are changing. Large amounts of Bitcoin are quietly leaving exchanges, moving into cold wallets and institutional ETF vaults. This kind of transfer isn’t retail behavior—it’s clearly a long-term accumulation play.

**So what should we actually focus on now?**

Forget the single-threaded “liquidity easing” expectation. What really matters is:

The gap between what the Fed says and what it actually does. Expectations and reality are often not the same thing.

How traditional capital is entering the space—ETF flows are like a barometer. Where the money goes, the ecosystem follows.

Things with real utility are starting to make noise. Narratives like RWA (real-world assets on-chain) and DeFi infrastructure are quietly heating up—they’re not just hype.

The core issue is: the market is undergoing a complex shift from a “leverage game” to “asset allocation.” Liquidity is just an expectation, what’s really happening is that capital is getting smarter, betting only on core assets—everything else is on hold.