#数字资产市场动态 The Federal Reserve has started easing liquidity again recently. On December 27th, it conducted an overnight repurchase operation that injected $2.5 billion into the market, which is just the tip of the iceberg of the annual $120 billion liquidity plan. The pattern looks very familiar—when the central bank steps in, theoretically, crypto assets should benefit. The current situation is that $BTC is still entangled below the $90,000 mark, but the story behind it is more interesting. Gold just hit a historic high of $4,562 per ounce, and silver surged to $79, indicating that the rally in precious metals usually signals a looming risk-off sentiment. Logically, $BTC, as "digital gold," should follow suit and rally. Strangely, the market hasn't fully reacted yet—implied volatility is only 15.1%, but actual volatility has skyrocketed to 37.8%, and this divergence is quite bizarre. My view is that the power of liquidity is still to come; once the post-holiday dividend wave gradually manifests, the $87,800 level might be a good entry point. The good macro news has not been fully digested yet.