The Federal Reserve cut interest rates by 25 basis points this time, but the real excitement is yet to come—they have actually started expanding their balance sheet.

How exactly are they doing this? In the next 30 days, they will directly buy $40 billion worth of Treasury bonds. The central bank is personally stepping in to purchase assets, holding the printing press in hand, which is equivalent to injecting unlimited firepower into the market. Logically, with such a loosening of global liquidity, the crypto market should be excited.

But today’s BTC performance? It can only be said, "When it should rise, it doesn’t, and something’s fishy." Clearly, the macro environment is warming, yet the price of coins remains dull; this kind of trend, where strength is unpredictable, is the most puzzling.

Looking at changes in economic narratives: last year the official statement was still "insufficient domestic demand," but this year it has been upgraded directly to "the contradiction between strong supply and weak demand is prominent." This adjustment in wording is very critical—no longer focusing solely on demand side, but also starting to operate on the supply side. The key to solving excess supply, simply put, is "anti-involution."

So now, this anti-involution logic might be more worth paying attention to than mere monetary easing. The dislocation between market sentiment and policy direction often hides big opportunities.