#美联储政策影响 Analyze the impact of Federal Reserve policies on the crypto market; so far, the effect appears limited. Although the probability of a rate cut in December is as high as 87%, Bitcoin prices have still fallen from $125,000 to below $82,000. The fundamental reason is the liquidation event on October 10th that caused market makers to suffer losses, leading to a liquidity crunch. Coupled with the frequent black swan events this year, investor confidence has been battered. Relying solely on monetary easing is insufficient to solve the current structural issues, including dispersed liquidity and damaged infrastructure. A full recovery is expected to take some time, and investors should reduce their risk exposure and prepare for ongoing volatility.