Recently, a major event has caused a stir in the financial circle. A prominent political figure publicly issued a warning to the Federal Reserve, demanding that the future Fed Chair must agree with his policy views; otherwise, there’s no discussion. This straightforward pressure directly triggered market concerns about the independence of the Federal Reserve.

Let’s first look at what has happened recently. Last week, Trump publicly declared that the future Fed Chair should decisively cut interest rates when the economy performs well, and criticized the current market logic—good economic data actually triggers declines because investors worry about rate hikes. Ironically, on the same day he made this statement, the Q3 GDP annualized growth rate was released at 4.3%. As a result, the S&P 500 not only didn’t fall but hit a new all-time high, rising four days in a row. Currently, the candidates for Fed Chair have been narrowed down to 3-4, and the official nomination could be announced in the coming weeks. This battle over the boundaries of Fed power has officially entered the countdown stage.

What does this mean for our crypto market? In the short term, policy uncertainty will increase market volatility. Investors are watching the Fed’s new policy stance, and crypto assets may initially face pressure. But from a medium- to long-term perspective, as long as the Fed maintains an accommodative stance, the crypto market is likely to become an important target for institutions and retail investors seeking returns.

The underlying chain is quite clear: the Fed is the core of the global central banking system, and its monetary policy determines the flow of global funds. Over the years, we have repeatedly seen a strange phenomenon—good economic data often leads to market declines because positive data reinforces expectations of rate hikes. But from another perspective, if the Fed truly enters an easing cycle, the era of excess liquidity will make high-risk assets like crypto naturally become key allocation targets.