#数字资产市场观察 The Fed finally stopped QT.

From the actual reduction in the balance sheet, this seems more like a gesture—after all, the recent months of balance sheet reduction have been as slow as a snail. If we are to talk about direct impact? It might not be as significant as imagined.

But the problem is, the market never looks at numbers alone.

Emotions always run ahead of the data. Even the action of "no longer drawing blood" is an opportunity for taut nerves to breathe a sigh of relief. It tells everyone that the most severe wave of liquidity tightening has probably turned the page. The policy direction is shifting from "fighting inflation" to "stabilizing the economy."

Hope can sometimes be more useful than real money.

It provides a reason for cautious capital to reassess risks and plants psychological expectations for a possible upcoming easing cycle. What the market needs is not necessarily an immediate influx of liquidity, but a credible signal of a turning point.