#以太坊大户持仓变化 💥 Just a heads-up: don’t be fooled by the news headlines. This time it’s not the kind of super easing in 2020 that could send assets soaring; it’s just a maintenance operation for the financial system.

💸 Two concepts that are easy to confuse
Last night, the Federal Reserve conducted a large-scale overnight repurchase agreement (with a single-day scale of $74.6 billion). On the surface, it looks aggressive, but in reality, it’s aimed at solving the short-term liquidity crunch in the banking system at year-end to prevent uncontrolled interest rate fluctuations. But this thing is a far cry from true quantitative easing (QE).

What is quantitative easing? It’s when the central bank directly buys medium- and long-term government bonds, continuously injecting funds into the economy, encouraging borrowing and investment to stimulate growth.

This operation? It’s closer to "Reserve Management Purchases" (RMP), which is a technical liquidity supplement. The money mainly circulates within the interbank system and is unlikely to flood into risk assets like the crypto market or stocks on a large scale.

🚀 How much impact does this really have on the crypto market?

**1. Psychological effect outweighs actual impact**
The market interprets this signal as the Fed actively maintaining liquidity conditions, which can boost sentiment in the short term. But don’t see it as the key to unlocking a new wave of asset surges — it’s far from that simple.

**2. The key is what happens next**
Macro traders generally agree: this is a targeted tool aimed at pulling liquidity from "tight" levels back to "normal," not pushing toward genuine easing. For Bitcoin to continue rebounding, we need more substantial signals — for example, the Fed’s balance sheet actually expanding or a noticeable increase in stablecoin supply.

**3. Staying rational is crucial**
In this context of "patching" rather than "full-blown liquidity injection," it’s unlikely to see a broad rally driven solely by liquidity. The real drivers remain the actual buying and selling activity on-chain, the technical support and market enthusiasm for mainstream coins like $BTC $ETH.

**Final words:** Let go of the dream of "liquidity dividends." This operation is a stabilizer for the financial system, not a pump station for the crypto market. Keep an eye on on-chain data, study Bitcoin’s own rhythm, and develop independent judgment — that’s the right approach.