#数字资产生态回暖 The Fed's recent moves are worth a close look. After a 25 basis point cut, Powell said some very interesting things at the press conference.

He pointed the finger at employment—the labor market is clearly cooling down, and wage growth is beginning to weaken. The underlying meaning is clear: the central bank may need to continue easing. They used to be focused solely on fighting inflation, but now they are turning to protecting employment.

More importantly, the Fed has decided to start buying short-term government bonds. The initial purchase is $40 billion in the first month. Although official statements say this is not quantitative easing, in reality, market liquidity will become significantly more ample. For risk assets like $BTC, having more money is always a good thing.

Here's another detail: Powell attributed recent rises in commodity prices to tariffs. His wording was "one-time changes," implying that there’s no need to worry too much about structural inflation. Keeping long-term inflation expectations stable leaves more room for the central bank's policy maneuvers.

To put it simply: the Fed's focus has shifted from "fighting inflation aggressively" to "stabilizing employment." This macro background is clearly a positive for Bitcoin and crypto assets. As long as employment data continues to decline or inflation keeps falling, capital may flow into the crypto market at an accelerated pace. Once risk appetite rebounds, the signs of a bull market will gradually become evident.

In the coming months, the key is to watch two things: first, how employment reports evolve; second, changes in market liquidity. If these two factors align well, they could bring significant changes to the overall market landscape.