#数字货币市场回调 The hottest topic in the market lately is that the Federal Reserve has finally hit the brakes on quantitative tightening. When this news broke, the entire community went wild.

You have to understand, for a while now, the world’s largest central bank has been acting like a giant water pump, crazily sucking liquidity out of the market. The cost of capital kept rising, especially in crypto, which was under tremendous pressure—so much so that many projects were struggling even with basic cash flow. Now that the policy has shifted, in theory, it should be good news—at least the bleeding has stopped.

But here’s a key point: stopping tightening isn’t the same as flooding the market with liquidity. The current state is more like moving from “continuous bleeding” to “stopping the bleed.” Want a full recovery? That’s still a long way off. The market needs time to adapt to this change, and during this transition, expectations among different capital players will diverge greatly. Some see this as a bullish sign and are preparing to get in early, while others worry it’s a false signal and are ready to pull out. This kind of split often leads to sharp volatility. If you’re not careful, both bulls and bears could take turns profiting while retail investors get caught in the crossfire. So at this critical moment, don’t act impulsively.

That said, if you take a longer-term view, this policy shift is indeed an important signal—the cycle may quietly be changing. Take Ethereum, for example. It’s always had a strong technical foundation, but recently, due to a lack of market liquidity, its innovative features weren’t getting much attention. Now, as liquidity conditions start to ease, things could look very different.

Those sectors that have been quietly building during the downturn—Layer2 scaling solutions, DeFi protocol iterations, new Restaking mechanisms—are like seeds buried in the ground. As soon as there’s enough water (liquidity), they’re likely to start sprouting. The market’s focus will gradually shift from pure speculation to directions with real technical accumulation and application scenarios. That’s where the real opportunities lie.

So to sum up: don’t expect smooth sailing in the short term—volatility will likely continue. But in the long run, this policy adjustment could very well mark the starting point for the next cycle. The key is to stay clear-headed and not be led by your emotions. The ones who really make money are always those who can see the direction clearly amid the chaos.