Recently, comments from the new Federal Reserve Chair candidate have given the market a collective cold shower.

This individual, often seen as a "dovish" representative, has not yet officially taken office but publicly emphasized that the Fed's independence is above all else, even hinting that the President's opinion carries limited weight. At first glance, this rhetoric is quite old-fashioned—every Fed chair candidate tends to say the same. But this time, the market reacted exceptionally strongly.

Why? Because the core bet in the crypto market is now shattering in this statement.

We must admit that the recent boom in the crypto space over the past few months has mainly relied on two pillars: one is the possibility of a loosening regulatory environment, and the other is the continuous supply of liquidity. These two expectations—one related to policy, the other to funding—are now showing signs of weakening.

When the much-anticipated "big faucet" starts to self-restrict, stories that solely rely on liquidity abundance become a bit awkward. This not only affects large cryptocurrencies like ETH but also prompts a re-examination of the valuation logic of the entire crypto asset class.

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

The upcoming market trend may no longer simply follow liquidity as before. Projects that can sustain themselves and have solid fundamentals are more likely to navigate this round of expectations adjustment.