Big moves may happen before the end of the year - the candidate for the Fed chairman has basically been finalized.

Insiders reveal that Trump has almost settled on a replacement for Powell: current Director of the National Economic Council Kevin Hassett. This longtime advisor has frequently criticized the Fed for being "too slow" this year while following Trump. Although it hasn't been officially announced yet, a result might come before Christmas.

Interestingly, the market has already started to react.

The expectation of interest rate cuts has soared to 87.6%, not to mention that recently some people have noticed: the price of Bitcoin is fluctuating almost in sync with the Japanese yen. The underlying logic may be related to the reallocation of arbitrage funds—when interest rates rise in Japan, funds here need to adjust their positions, and naturally, the price of cryptocurrencies moves accordingly.

Another hidden line is emerging. The latest report from the Swedish central bank shows that the US and Europe are getting closer in stablecoin regulation, particularly in core areas such as settlement system access and collateral assets. Although a policy framework is already in place, actual operations remain very cautious.

Personnel changes, policy expectations, and capital flows - these three lines are intertwining. The crypto market at the beginning of next year may be more lively than expected.