Recent statements by the new Federal Reserve chair candidate have caused the market to collectively take a cold shower.

This person, often seen as a "dovish representative," has not yet officially taken office but publicly emphasized that the independence of the Federal Reserve is above all else, even hinting that the President's opinions carry limited weight. At first glance, this rhetoric sounds old-fashioned—every Fed chair candidate has said similar things. But this time, the market's reaction has been particularly strong.

Why is that? Because the core bets previously placed by the crypto market are now shattering within this statement.

We must admit that the recent months of prosperity in the crypto space have mainly relied on two pillars: one is the possibility of a loosening regulatory environment, and the other is continuous liquidity supply. These two expectations are related to policy and funding, respectively. Now, one of them is beginning to weaken.

When the much-anticipated "big faucet" starts to self-restrict, the stories that purely bet on liquidity flooding become a bit awkward. This not only affects major coins like ETH but also prompts a re-examination of the valuation logic of the entire crypto asset market.

Interestingly, the candidate's stance essentially plays a power game. Emphasizing independence is actually a necessary posture to more smoothly secure the position. But regardless of the motivation, the market's signal is clear: don't overly rely on policy dividends.

The upcoming market trend may no longer follow liquidity as simply and crudely as before. Projects that can sustain themselves and have fundamental support are more likely to navigate this round of expectation adjustments.