Bitcoin, Ethereum, and BNB have recently become the focus again. The underlying logic behind this is a move by the Federal Reserve.

The latest news that many haven't reacted to yet: the Federal Reserve announced it will inject $220 billion into government bond purchases over the next 12 months, averaging $40 billion per month. In simple terms, this is a new round of liquidity injection. Why the sudden move? The superficial reason is the tight reserves in the banking system, but the deeper issue is that the internal sentiment has already shifted—most officials have long wanted to cut interest rates, just waiting for inflation data to align.

The timeline is roughly as follows: no significant action is expected until January next year (probability over 85%), but the window opens by March. The overall direction of policy shift has been set; only the timing remains uncertain. This operational logic is quite realistic—the economic fundamentals are still okay, but employment may face pressure, and with government budget issues looming, it's better to prepare "ammunition" in advance.

Several signs worth watching:

First, the U.S. government continues to resist DeFi education funds in court, and regulatory attitudes have not relaxed, which is a long-term pressure on certain projects. Second, the $25 million hack in the Ethereum ecosystem is being re-examined, involving a significant amount of funds. Most importantly, recent abnormal movements of 5.85 million EIGEN tokens on a major DEX have been observed—transfers out and back in, suggesting large traders are secretly manipulating, which often signals a change in market sentiment.

What do these signals collectively indicate? Once the Fed loosens liquidity, market liquidity becomes abundant, and funds tend to flow into high-yield but high-risk assets, making cryptocurrencies a natural target. But beware of a trap: initial liquidity surges are most likely to cause volatility, and projects lacking real application support and relying solely on speculative hype may experience rollercoaster行情.

Is the current situation an opportunity to enter or a risk? This depends on individual judgment, but having data is always better than being in the dark.