#加密生态动态追踪 The selection of the next Federal Reserve Chair has become a hot topic in the market. Trump publicly favors former Board Member Kevin Woor to take over the Fed, and betting odds in the market are continuing to rise. If this person indeed takes the position, the impact on the cryptocurrency market could be far greater than that of the current Chair Powell.

His policy approach can be summarized in two strategies:

**Cut interest rates and shrink the balance sheet simultaneously.** On the surface, this is to stimulate the economy, but at the same time, it involves withdrawing liquidity, which could mean that the so-called "cheap funds" in the market might not be as cheap as expected.

**Take a very hard stance on inflation.** He believes inflation is caused by the Fed's previous overly loose policies, so once prices rise, there will be zero tolerance, and policy adjustments will be rapid and aggressive.

What does this mean for the crypto market?

In the short term, expectations of rate cuts might be hyped as positive, offering many opportunities for emotional rebounds. But in the long run, caution is necessary — his hawkish stance and tendency to shrink the balance sheet mean liquidity will only tighten further, with high sensitivity to inflation data, and the risk of sudden policy tightening is greater than you might think.

**Practical operational advice:** Don’t chase after "rate cuts" just because of the hype. Leverage must be strictly controlled, as market swings during policy expectation shifts can wipe out many. Also, keep a close eye on on-chain stablecoin inflows and outflows, as these are true liquidity signals. During sensitive policy periods, focus on spot trading and keep futures on the sidelines; being cautious is always wise.