According to the analysis by Coinbase Institutional on platform X, the recent policy direction of the Federal Reserve has released multiple signals. A rate cut of 25 basis points, although in line with widespread expectations, is accompanied by the announcement of the U.S. Treasury Reserve Management Purchasing (RMP) operations, which provides an additional point of focus. This operation is planned to start within the next 30 days and is seen as an early liquidity injection, with its positive reserve growth effects potentially lasting until April 2026.

Further analysis points out that this policy combination—transitioning from reducing the balance sheet to net liquidity injection into the financial system—can be understood as a form of "mild" or "implicit" quantitative easing. This context, along with the Federal Funds futures market indicating potential rate cuts twice (a total of 50 basis points) in the first nine months before 2026, together suggest that the market's hawkish tone may have eased somewhat. Overall, the aforementioned liquidity environment is considered to potentially provide certain support to the cryptocurrency market.