The Fed's recent actions are indeed worth paying attention to. Reversing the 2023 crypto restrictions and shifting to a case-by-case approval process essentially signals a softening of regulatory attitudes. The impact on trading liquidity is tangible—an increase in participation from banks means that on-chain funds and traditional finance channels are expanding, and this incremental liquidity often manifests in price movements.

But here’s a key point to observe: policy easing ≠ immediate influx of funds. In past years, we've seen many scenarios where "positive policy news led to gains on the same day, only to be retraced a week later." My advice is to watch the reaction of holders—if large addresses show no significant accumulation within 72 hours of such policy announcements, it might just be a "pricing" event, and there's no need to be overly optimistic.

Additionally, from a follow-the-leader perspective, it’s important to focus on traders who have precisely positioned themselves during sensitive policy periods. Their position adjustments often reveal the market’s true expectations. Policy positives are easily overestimated, while the truly profitable strategies are always based on actual fund flow judgments.