#数字资产市场观察 Just now, a piece of news exploded in the circle - the Fed has officially stopped quantitative tightening.

The "water drawing mode" that started in 2022 has come to an end.

This is not a technical adjustment. This is a signal that the steering wheel is turning in the other direction.

Three years ago, when the tightening had just started, the market was still confused. But at that time, industry bigwigs had already publicly warned: "Global liquidity is tightening, and this is the biggest variable in the short term."

Three years have passed, and the crypto world has undergone a transformation—the spot ETF has been launched, institutional compliance channels have opened, and the entire financial infrastructure has changed.

# Where is the money going? A new interpretation of an old script

Do you remember that round in 2020? Once quantitative easing was unleashed, Bitcoin started at $3,800 and soared all the way to $69,000.

The environment has changed now, but the underlying logic has not.

**Liquidity is always honest** — As soon as the faucet turns, funds naturally flow to where the returns are high.
**Cryptocurrency assets are already on the table** — The ETF products from giants like BlackRock and Fidelity are the most direct evidence.
**History doesn’t repeat itself, but it often rhymes** — The human desire for profit has never changed; only the way we enter the market has changed.

The founder of a certain exchange said something two years ago that sounds particularly relevant now:

"The essence of cycles is that liquidity drives them. When the tide goes out, you can see clearly who is swimming naked; when the tide comes back in, the first to rise are always those who were well prepared."

Now, the direction of the tide is clear.

Are you already on the boat, or watching from the shore?

# The end of one cycle, the beginning of another cycle

The end of quantitative tightening. Interest rate cuts are on the way. The script for liquidity being released again has opened its first chapter.

In the crypto market, every macro turning point is a dual test of perception and courage.

Don't stand still again.

How long do you think it will take for the market to fully digest this turning signal? $BTC $ETH $ASTER