#美联储利率政策 The Fed's recent wave of "Hidden QE" is quite interesting—an early start to the $40 billion reserve purchase program, coupled with expectations of a 50 basis point rate cut by 2026, suggests a policy environment that is indeed more moderate than the market previously thought. The key signal is clear enough: the liquidity injection cycle has begun.

From the perspective of capital flows, the evidence is most compelling. Last week, digital asset net inflows reached $864 million, marking three consecutive weeks of moderate inflows. Bitcoin alone accounted for $522 million, while short products have been outflowing for two weeks in a row. This shift is quite typical—although institutions are cautious in words, they are already repositioning their portfolios. Ethereum performed even more strongly, with $13.3 billion in inflows this year, surpassing 148% of the same period last year. Solana's tenfold growth is also no exaggeration.

However, we need to stay calm here. The fact that the market has been relatively weak after the Fed's rate cut cannot be ignored. The divergence between the rate cut benefits and actual market performance indicates that the market is digesting deeper uncertainties. For follow-trade strategies, it’s even more important to select skilled traders—those who have forward-looking layouts before policy turning points, rather than chasing short-term top traders. A conservative position split is recommended, leaving enough room for stop-losses. Although liquidity has improved, volatility will not immediately subside.

The policy bottom is essentially already set; the next step depends on the pace of fundamental and sentiment recovery. Continuing to observe.