At 10 PM Beijing time tonight, the Federal Reserve will inject $6.8 billion in liquidity into the market through repurchase agreements. This is yet another technical operation aimed at addressing year-end liquidity tightness, following a cumulative injection of $38 billion over the past 10 days.

Unlike the expected quantitative easing by the market, repurchase agreements are a routine tool for the Federal Reserve's daily liquidity management. Essentially, it involves providing short-term loans to banks backed by government bonds, aimed at smoothly navigating through year-end settlements and regulatory assessments that trigger funding tightness. This type of operation is more about maintaining system stability rather than initiating a new round of easing cycles.


Despite non-trend-based easing, it will still have a threefold impact on the cryptocurrency circle:

1. Liquidity injection will temporarily lower short-term interest rates and alleviate funding cost pressures. Historical data shows that a decline in SOFR rates often boosts the preference for high-risk assets. Bitcoin, as a liquidity-sensitive asset, may take the opportunity to test the resistance zone of $88,000-$90,000.

2. The core pressure facing cryptocurrencies currently is not merely a lack of liquidity, but rather a mismatch in the funding structure:

  • Decline in Corporate Coin Purchases: The asset-liability management demand of listed companies like MicroStrategy is saturated.

  • ETF Fund Diversion: The weekly inflow of Bitcoin spot ETFs has plummeted from a peak of $2 billion to around $500 million, with insufficient support.

  • Leverage Clearance Incomplete: The total open interest across the network remains high and needs further clearance.

    3. Key Indicator Observation Points

    • Correlation Between Bitcoin and U.S. Stocks: If the Nasdaq index rebounds simultaneously, the probability of the cryptocurrency circle following suit will significantly increase.

    • Stablecoin Market Value: Whether the market value of mainstream stablecoins like USDT can stop falling and rise again is a prerequisite for new capital to enter.

    • Futures Funding Rate: A positive funding rate is the basis for a healthy rebound; otherwise, be cautious of the weakness of bulls.


This liquidity injection is a 'short-term painkiller' rather than a 'long-term cure'. True trend opportunities require waiting for macro data clarity in January 2026, the reflow of Bitcoin ETF funds, and institutional portfolio rebalancing.

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