In these last couple of days of the year, the market has been bombarded with major news one after another, but the results are quite thought-provoking. On one side, the Federal Reserve meeting minutes signal a dovish shift, while on the other side, Bitcoin failed to hold the $88,000 level and slipped back. This strange phenomenon of "good news leading to a dip" somewhat reflects the subtle fragility of the market at year-end.

Honestly, before the big show of the Federal Reserve officially kicks off, a cold shower has already been poured. Trust Wallet's browser extension was attacked by malicious code, resulting in a loss of $8.5 million. This is not just another security incident; it’s a stark reminder to everyone: before thinking about how to make money, safeguarding your assets is the real skill. This sense of unease has effectively offset the excitement brought by subsequent positive news.

Looking at the Fed’s side, the minutes released early this morning seem to sing a "dovish" tune—most participants support a rate cut in December and suggest further easing could be considered. Sounds good, but the market’s intuition is very sharp. A closer look at the minutes reveals some policymakers mention "keeping interest rates stable for now" while also emphasizing that "risks of inflation are on the rise." This conflicting message has been interpreted by the market as "these people have no unified stance," resulting in the dollar not falling but rising instead. The liquidity expectations that should have boosted risk assets are also less strong.

The core issue lies here: when the macro liquidity story is temporarily unclear, the market’s focus shifts back to whether these assets are truly worth their value. Interestingly, a positive signal has emerged—Ethereum’s deployment of smart contracts hit a record high in the last quarter of 2025. What does this mean? It indicates that no matter how the price swings, those who are genuinely building are never stopping. The foundational activities of blockchain are ongoing, and ecosystem development is progressing step by step.

This phenomenon is worth pondering. It reveals a key point: in a market with so much noise, only those projects and teams that are steadily building real value can truly stand out. Short-term policy shifts, security incidents, and price fluctuations are just clouds. In the long run, those who continue to create value will have clearer prospects. Therefore, for investors, instead of being tossed around by every word and action of the Fed, it’s better to focus on these real on-chain activities—those are the true pulse of the market.