#美联储利率政策 The Federal Reserve is up to something again, and this wave of "hidden QE" is indeed quite interesting. Although officially they only cut interest rates by 25 basis points, behind the scenes they have directly launched Treasury reserve management purchases, starting at $40 billion and continuing until April 2026. Isn't this just a disguised form of liquidity injection?

The key point is that funds are really flowing in. Last week, digital asset investment products saw a net inflow of $864 million, maintaining inflows for three consecutive weeks. Bitcoin attracted $522 million in one week, while short-selling products continued to see outflows, indicating that market sentiment is indeed recovering. Ethereum performed even more strongly, with inflows of $338 million, totaling $13.3 billion this year, which is 148% more than the same period last year.

But don’t get too excited; after the rate cut, prices still showed some weakness. Funds are flowing in, but prices haven't kept pace, which suggests some uncertainty in the market. The US market sentiment is the most optimistic ($796 million), but overall, Bitcoin has seen $27.7 billion in inflows this year, far below last year's $41 billion.

The policy environment is indeed more moderate than expected, which is definitely positive for the crypto market. But for a real breakout, it still depends on whether prices can keep up with the flow of funds. Right now, it’s just accumulation, and the real rally might still be on the way.