#比特币对比代币化黄金 Just now, a piece of news that had been brewing for two years finally landed—the Federal Reserve has hit the pause button on its quantitative tightening policy. 💰

You might ask, what does this have to do with me? It matters a lot. Over the past 24 months, this policy tool—nicknamed the “liquidity vacuum”—has sucked trillions of dollars of liquidity out of the market. Bitcoin was cut in half from its peak, Ethereum has been struggling in the mud, and as for those altcoins? Don’t even mention it—the numbers on the books are painful to look at.

Now the machine has stopped. Can the market finally catch its breath?

Not so fast. ⚠️ Stopping the liquidity drain isn’t the same as opening the floodgates—these are two completely different things. What’s likely to happen next is intensified expectations trading, skyrocketing volatility, and bulls and bears locked in a fierce battle. Newcomers can easily get whipsawed in this kind of market, and even veterans need to be careful with their positions. The real turning point will only come when a clear signal for rate cuts appears.

The more interesting drama is playing out in Washington. 🎭 Trump has publicly blasted Fed Chair Powell, saying he’s “not thinking clearly,” even hinting at wanting to take over monetary policy himself. Powell’s response was tough: “The Fed follows the rules, and current inflation data doesn’t support a rate cut.”

What’s the essence of this argument? On one side, you have a government under massive debt pressure, desperately needing rate cuts to ease interest burdens and extend its fiscal life; on the other, a central bank laser-focused on CPI data, worried that easing monetary policy could trigger runaway inflation. Both sides have their reasons, but the conflict is irreconcilable—it’s like a car with failed brakes speeding toward a cliff, and the driver and co-driver are arguing whether to steer left or right. 🚗

So where is the market right now? QT has stopped, but rate cuts haven’t arrived; the debt crisis and inflation pressures both exist, and it’s hard to say which will explode first. This drama is just beginning—the climax is yet to come.

What do you think? Will the return of liquidity bring a new bull market, or is it just a brief respite? $ASTER $DOGE