Lower your K-line anxiety; real opportunities come from the shift in liquidity. The Federal Reserve's measures since mid-December are noteworthy—continuously purchasing $40 billion of short-term government bonds each month. This is a direct injection of funds into the financial system, far surpassing the effects of conventional rate cuts.

The key lies in the timing. The originally scheduled later plan has now been accelerated, reflecting the system’s urgent need for liquidity. Money is not slowly trickling out with decreasing prices but is being continuously and rhythmically injected into the market. In this context, funds will inevitably seek an exit.

The 2020 market rally also originated from a shift in liquidity. But the current conditions are more complex and more advantageous—Bitcoin has become an option in bank asset allocation, the on-chain ecosystem supporting traditional asset scales is expanding, and the entire crypto market reacts to liquidity changes more swiftly. History will not repeat itself, but it often echoes with similar themes.

New funds always need to find a place. Risk assets are usually the first to absorb them. The simple question now is: as the water level rises, are you standing in the right position?
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