Many people may still be reminiscing about last night's market trends. After the Federal Open Market Committee (FOMC) Meeting, the crypto market experienced an unexpected pump, and the logic behind this is quite intriguing.

Powell's statement at the press conference remains tough—repeatedly emphasizing that there will be no rush to cut interest rates, the economic fundamentals are still robust, and there is no significant pressure in the labor market. On the surface, this presents a posture of having control firmly in hand.

But the market has keenly captured another signal: the pace of quantitative tightening has quietly slowed.

What does this mean? Although they say "no hurry" verbally, the actual operation level has already started to release liquidity. It's like secretly adding water to a dried-up pond; although the faucet isn't fully open, the pressure on the financial side is indeed easing. Last night's surge in the crypto market was largely an immediate reaction to this signal.

It is worth noting that although the latest data shows that inflation has eased, Powell still insists that it is "still relatively high." As for the inflationary pressure that may come from the new round of tariff policies? This issue was touched upon lightly during the press conference.

The true state of the U.S. economy may not be as optimistic as the official statements suggest. Business investment willingness is declining, consumer spending is also contracting, and policy uncertainty is becoming a major factor suppressing economic vitality.

On the other hand, Trump's public pressure on Powell is also escalating. From attacks on social media to rumors of a possible investigation, there are even reports that Powell himself is considering resigning early. Every time such news breaks, U.S. stocks, U.S. bonds, and the dollar experience significant fluctuations, and the crypto market cannot remain unaffected.

Back to the core issue: the slowdown in balance sheet reduction is essentially a precursor to a policy shift. This is not preparing for interest rate cuts, but rather a concern that a depletion of market liquidity could trigger systemic risks. Saying one thing, but the body is very honest.

Smart money often completes its positioning at the first sign of a signal.

The biggest suspense now is actually just one: Can Powell hold on until the end of his term? If there is indeed a change in the leadership of the Fed, especially if a more dovish chair is appointed, it could be a historic turning point for the crypto market.

The market is never short of opportunities; what it lacks is the eye that can understand the signals.