BlockBeats News, December 13th. Coinbase Institutional posted on social media this week, stating that the Fed's announcement of a 25 basis point rate cut was in line with market expectations. However, the Fed's plan to implement Treasury Reserve Management purchases within the next 30 days can at least be seen as a positive signal. Here are the specific details of this plan:· Initial operation size of $400 billion· Start date is December 12thThis liquidity injection came earlier than expected, and reserve growth may continue until April 2026. We believe the Fed's shift from balance sheet reduction to net injection can be seen as "mild quantitative easing" or "stealth QE," which may provide support to the cryptocurrency market. Considering the reserve management purchase plan and the market's expectations of two more rate cuts (a total of 50 basis points) in the first nine months of 2026 in the federal funds futures market, the policy environment may be milder than expected.