For the first time in five years, the Fed has officially launched a direct liquidity injection program. Tomorrow, 6.8 billion dollars are set to flood into the financial system.

This inevitably reminds people of the period from 2020 to 2021. At that time, the zero interest rate policy was pervasive, global capital showed a complete risk preference, and the crypto market was absolutely insane—projects like Solana saw price increases of several thousand times, and NFTs like monkey avatars and stone images were frequently traded for millions of dollars, creating a veritable feast of wealth.

Although this time it is not a complete policy reversal, nor can it be considered traditional quantitative easing, the signals of liquidity returning are already very clear. When funds start to loosen, market expectations tend to react in advance.