The latest actions by the Federal Reserve are worth a close look, especially the adjustments to the Standing Repo Facility (SRF). The December meeting was quiet, and the FOMC simply cut the original daily limit of $50 billion for the SRF to unlimited. Sounds normal? Not really—this implies that the Fed has made up its mind: if money market rates fluctuate abnormally, they will immediately inject unlimited liquidity to stabilize the market.

What’s the background? After QT, the overnight reverse repurchase (ON RRP) balance dropped close to zero, and the market began to worry that a shortage of reserves could trigger new pressures. This move is essentially like installing an unlimited liquidity "buffer" across the entire financial system.

For risk assets, this is actually a covert positive signal. Currently, liquidity is tight as the year-end approaches, and quarter-end pressures still exist. But with the SRF loosened, institutions’ financing costs are more likely to stay at reasonable levels, making a repeat of the extreme repo crisis of 2019 less likely. Although the crypto market is highly correlated with stocks, this underlying liquidity backstop can give holders more peace of mind, preventing panic-driven large-scale sell-offs.

So the question is—could this become a catalyst for Bitcoin to surge toward 90k? Or will there be some volatility first, waiting for liquidity to truly loosen at the start of the year? These discussions are definitely worth paying attention to.

Of course, besides those focused on price, there are also long-term projects underway. Some organizations are promoting global educational charity initiatives, providing free learning resources for children. Community efforts are increasingly shifting toward practical projects and resource allocation, indicating a changing atmosphere. This positive development, to some extent, also reflects the maturity of the entire ecosystem.