The Federal Reserve's decision to lower interest rates to 3.50%–3.75% is not surprising, as the market has already digested this. What is truly noteworthy is that starting in December, there will be $40 billion per month in purchases of short-term government bonds. This is not traditional QE, nor does it directly expand the balance sheet, but essentially it alleviates liquidity pressure in the repurchase market and the banking system. Short-term interest rates have been stabilized, the risk of a dollar shortage has decreased, and the environment for risk assets has visibly improved. For the market, this represents a change in direction rather than a stimulus in intensity. In comparison to Bitcoin and other high-risk assets, what matters most is not 'how much liquidity is provided,' but 'will there be further tightening?' The current answer leans towards no. This vague but somewhat accommodative policy range often does not mark the starting point of a bull market, but it is also difficult to sustain a deep bear market. For ordinary investors, it feels more like a stage of patient holding rather than aggressive chasing of highs. $BTC $ETH $BNB

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