This time, the Federal Reserve cut interest rates by 25 basis points. The few words Powell said at the press conference hide a lot of nuances.

Most notably, there is a shift in attitude — he directly acknowledged that the risks in the employment market are now more concerning than inflation. Wages are no longer rising, it’s easier for companies to hire, and the labor market is clearly cooling down. This may sound ordinary, but the underlying implication is clear: rate cuts might continue.

What’s more interesting is that the Fed is prepared to buy about $40 billion worth of short-term government bonds each month. Although officially this isn't considered quantitative easing, money is indeed flowing out, improving market liquidity. This is definitely good news for risk assets like Bitcoin.

As for the recent surge in commodity prices? Powell casually attributed it to tariff effects, saying it’s just a one-time fluctuation, and long-term inflation expectations remain stable. The underlying message is that policy can be more flexible in maintaining employment without being overly fixated on inflation figures.

Putting these signals together, the Fed’s focus has shifted from “controlling inflation” to “stabilizing employment.” What does this mean for cryptocurrencies? The macro environment is starting to warm up. As long as employment data remains weak or inflation further cools down, funds are likely to flow into the crypto market at an accelerated pace. Risk appetite is quietly rebounding, and the shadow of a bull market might already be on the way.

In the coming months, keep an eye on employment reports and changes in market liquidity — there could be surprises.