Global central bank policies are playing out in a rare "split". The Bank of Japan is about to initiate its first interest rate hike in thirty years, while the Fed's rate cut cycle is becoming vaguely visible. This level of policy divergence will undoubtedly ignite the global funding landscape.

For the market, short-term fluctuations are inevitable. The forex market is the first to be hit, with intensified currency games; the crypto market is also under pressure, and Bitcoin may continue to fluctuate. But in the long term, crypto assets, as a "liquidity sponge with a compliant shell," still closely align with the global liquidity trajectory. The Fed always holds the key to the main valve; once the easing cycle is confirmed, a massive influx of funds will inevitably seek high-yield exits. Institutions have long entered the market to position themselves as the marginal dominant force.

In the context of historic games, short-term chaos is the norm, but the long-term direction is clear: when the tide floods again, you need to be ready to absorb liquidity with your "sponge". #加密市场观察 #美联储降息 #