#美联储利率政策 Seeing the Fed's series of "hidden QE" operations, I have to admit, this is the most cunning shift I've seen in my years of navigating the on-chain world.

Let's start with the facts: $40 billion in treasury bond purchases, a 25 basis point rate cut, and reserves possibly being injected until April 2026. On the surface, this signals a "moderate policy," and the crypto market has also become excited. But my alert system is flashing red.

Why? Because I experienced the power of liquidity during the crazy period of 2020-2021. Back then, QE flooded the market, asset prices soared, and many were blinded by FOMO, rushing in at the top, only to be wiped out in 2022. Now, the Fed has renamed it "Reserve Management Purchases," claiming "this isn't QE," but the essence of liquidity injection hasn't changed.

The key question is: where will this money ultimately flow? History shows that when liquidity is abundant, retail investors often end up holding the bag. Institutions and big players have already positioned themselves in advance. What we should do is not rush to buy on "good news," but ask ourselves three questions:

1. Has the project's fundamentals truly improved in this cycle, or is it just propped up by liquidity?
2. When the policy truly shifts (possibly as early as 2026), will you be able to exit intact?
3. Is the current rally justified by technical fundamentals, or is it just hype driven by capital?

My simple advice: enjoy this window, but don't be greedy. Participate with spare funds, set stop-losses, and stay highly alert to those "get-rich-quick" opportunities. The secret to surviving long on-chain has never been chasing the highest returns, but living long enough to catch the next opportunity.