The Fed's move this time is quite interesting—directly announcing a monthly purchase of $40 billion in Treasury bonds, and emphasizing "this is not quantitative easing."

In simple terms, it's a technical operation aimed at patching liquidity. The background is that bank system reserves have fallen below warning levels, and funding has been very tight at the end of the year, with short-term interest rates soaring at times. Powell's words are quite straightforward: "The tightening pace is indeed faster than we anticipated."

This reminds people of the small turbulence in 2019. At that time, overnight rates jumped directly to 10%, almost causing the financial system to stall. Although this time isn't as exaggerated, the Fed clearly doesn't want to repeat the same mistake, so they acted proactively.

The market reacted quickly, with overnight rates falling back accordingly. However, the problem isn't fully resolved—whether this money can cover the funding gap at year-end remains uncertain. Some analysts have bluntly stated: "They have already broken through liquidity buffers."

For the crypto market, such macro-level liquidity fluctuations will inevitably transmit through. The recent movements of BTC and ETH are actually reflecting this uncertainty. During the year-end period, the funding chains of various assets deserve close attention, as any problem in one link could trigger a chain reaction.