The latest Federal Reserve survey data has been released. According to the year-end survey results, market participants expect that over the next 12 months, the Fed's purchases of short-term government bonds will reach approximately $220 billion. What's going on here? At the December Federal Reserve policy meeting, senior officials judged that reserves in the financial system had fallen back to a "moderately ample" level, and therefore decided to initiate short-term government bond purchases. The specific operation is as follows: buying about $40 billion each month, with an additional two operations starting in January. In other words, the Federal Reserve is injecting liquidity into the financial system to maintain stable market supply. This will have a tangible impact on capital markets and liquidity expectations for cryptocurrencies.