#数字货币市场回升 Recently, there's a noteworthy signal: Hassett publicly stated that he would immediately take over as the chairman of the Fed once nominated. This statement itself is not new, but the timing is intriguing—according to the current term arrangement, Powell will not hand over until at least mid-next year.

What could this transition period bring? From the perspective of policy inclination, the probability of interest rate cuts is clearly increasing. In conjunction with the current government's preference for loose monetary policy, the market has begun to reprice liquidity expectations for the coming quarters.

For holders of crypto assets, this is not distant macro news. The essence of interest rate cuts is a decrease in the cost of capital, which will directly change the valuation logic of risk assets. Whether your position is in spot or derivatives, marginal changes in the liquidity environment will be transmitted into price fluctuations. This personnel signal has pushed the originally latent policy game into the foreground, and the rules of the game for expectation management are being adjusted.

In the next six months to a year, the variable of "interest rate cut expectations" will repeatedly affect market sentiment. There will be fluctuations in news, unexpected data, and the sentiment curve will also fluctuate. If you want to find a rhythm amid the volatility, the Fed's policy direction, interest rate path, and liquidity indicators should all be added to your tracking list. Because once a macro narrative reaches a consensus, the flow of funds often undergoes periodic reallocation. $BTC $ETH