#隐私币生态普涨 Fed policy adjustment, crypto market undercurrents stirring

Federal Reserve Bank of New York President Williams recently announced the restart of the bond purchasing program. Although officially characterized as "technical liquidity management" rather than quantitative easing, the market implications of this action are obvious— the monetary environment is marginally loosening.

**What is the impact on encryption assets?**

The positive aspects are evident: when the liquidity of the traditional financial system improves, risk appetite assets tend to benefit first. Historical data shows that during periods of Fed balance sheet expansion, mainstream currencies such as $BTC and $ETH typically perform better than during balance sheet contraction periods. Additionally, as the suppression of the market from the previous interest rate hike cycle gradually fades, sentiment recovery may lead to a revaluation.

But caution is needed - the scale and sustainability of this round of operations remain in doubt. If it is merely a short-term technical adjustment rather than a policy shift, then the market's excitement may be short-lived.

**How to grasp the rhythm?**

It is recommended to pay attention to three indicators: first, the trend of the overnight financing rate ( SOFR ), which must continue to decline for real liquidity; second, the changes in the Fed's balance sheet, as the actual scale of bond purchases is a hard indicator; third, market volatility, which is safer when the VIX index falls.

It may be wise to adopt a gradual strategy in operations: accumulate mainstream cryptocurrencies in batches rather than all at once, and reserve some funds to respond to potential pullbacks. The first quarter of next year may serve as an observation window, but be careful not to chase highs—should the policy direction change, the speed of withdrawal may be faster than the rise.