#数字资产动态追踪 ⚠️ Honestly, this move isn't the kind of celebration that can send you to the moon. Basically, it's just clearing the "airway" of the financial market.

💡 Understand Two Things
The Federal Reserve did a big deal last night—an overnight repurchase operation, with a single-day scale reported to be at least $74.6 billion. On the surface, it looks like liquidity injection, but the purpose is clear: to prevent liquidity crunches in the banking system before the end of the year and to prevent rates from skyrocketing. This is completely different from the previous quantitative easing (QE) where the central bank bought bonds to stimulate the economy.

How is it different? It's simple:
· True QE: The central bank makes large-scale purchases of long-term government bonds, continuously injecting liquidity into the entire economy, aiming to encourage borrowing and investment.
· Last night's move: Essentially technical maintenance (reserve management purchases), just to prevent financial pipeline explosions. The money mainly circulates among banks. If you want it to flow into risk markets like crypto or stocks? That's quite difficult.

🔍 How to View the Crypto Market
Don't expect the days of "massive liquidity flooding" to return. The reality is this:

First, psychological effects outweigh actual effects. The market might interpret this as the Fed stabilizing the situation, and short-term sentiment could improve, but this isn't the master switch for a "full-scale price increase."

Second, watch for subsequent actions. From a macro trader's perspective, this kind of operation is like "acupuncture treatment"—the goal is either to loosen or to bring liquidity from tightness back to normal levels. If Bitcoin is to continue rising, we need more concrete signals—such as the Fed's balance sheet continuing to expand or stablecoin supply genuinely increasing.

Third, don't be fooled by illusions. In this environment of "air replenishment" rather than "liquidity flooding," it's unlikely to see a full-blown explosive rally triggered by liquidity. The market trend ultimately depends on the crypto market's own bullish or bearish forces, whether BTC can hold key support levels, and how market sentiment fluctuates.

📌 Final Words
Forget about the dream of a "liquidity-driven bull market." The Fed's move is for financial stability, not to boost the crypto market. What truly matters is how on-chain data changes and how Bitcoin's own rhythm evolves—that's what you need to judge yourself.