Recently, two macro-level issues have attracted significant attention: on one side is the Federal Reserve's 'blind' interest rate cuts and bond purchases amid insufficient data, and on the other side is the cryptocurrency regulation bill that the U.S. Congress is racing to finalize. They appear to be two parallel lines, but the intertwined issues they present are worth pondering:
On liquidity: The temperature difference between expectations and reality
The Federal Reserve has restarted its 'quantitative easing' mode, theoretically paving the way for risk assets. However, the market seems to be reacting tepidly. Does this indicate that the old narrative of 'liquidity-driven' growth has failed? What we truly anticipate is not an abundance of dollars, but a healthy and sustainable economic foundation to absorb these funds?
Regarding regulation: Does clarification equate to mainstreaming?
(The 21st Century Financial Innovation and Technology Act) aims to 'build roads and bridges' for the crypto world, providing clear rules. But a paradox that must be considered is: when the crypto world is fully incorporated into the traditional financial regulatory framework, will it lose part of its 'rebellious' and 'innovative' soul? Is this 'mainstreaming' a victory for communities pursuing decentralization, or a form of co-optation?
Regarding market reactions: Why is there no bull despite the 'good news'?
Interest rate cuts and potential legislation, either of which could have been explosive good news in the past. Yet today, the market is hesitant. Does this reveal a deep-seated shift in market pricing logic — that people are no longer buying into 'stories' and 'possibilities', but are urgently waiting for verifiable 'utility' and 'profit'?
In this context, market consensus is quietly diverging. On one side is the trading consensus surrounding macro policy and market sentiment fluctuations, while on the other side, some projects are attempting to build a 'builder consensus' based on real-world utility and long-term actions. Does the path practiced by communities focused on transforming the energy of the crypto space into global educational public welfare actions, like @Max Charity , represent an attempt to transcend short-term policies and emotional cycles, and construct a more stable value foundation?
