#美联储回购协议计划 Central banks around the world are flooding the market with money, so why is cryptocurrency remaining stagnant?

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Just look at this week's data to see how outrageous it is—The Federal Reserve directly purchased $6.8 billion in government bonds, the U.S. Treasury injected $70.5 billion into the market in liquidity over a week, with daily liquidity injections reaching as high as $17.75 billion. Meanwhile, China's central bank is not idle either, releasing liquidity in waves totaling 86.27 billion yuan.

Logically, with so much money flowing in, Bitcoin should break previous highs, and altcoins should soar. But the reality is a bit awkward—the crypto market is as still as water.

Why is this happening? The reason is straightforward and painfully simple: just "printing money" is no longer enough.

In the past, cryptocurrencies and liquidity thrived together, but that’s long gone. Now, the main drivers are emotional fluctuations, regulatory winds, and whether blockchain applications can truly be implemented. The current market is weighed down by three major obstacles: the previous gains are still being digested (profit-taking is heavy), macroeconomic rate cut expectations fluctuate (funds are uncertain), and geopolitical tensions occasionally produce black swan events.

These investors have learned a profound lesson—central bank liquidity can provide emergency relief but cannot sustain a bull market. Once confidence collapses, pouring more money in is useless, like pouring water into sand—it just seeps away and disappears.

The growth drivers for cryptocurrencies have changed:

In the short term, sentiment and policy signals dominate; in the medium term, real user adoption and trading activity are needed; in the long term, it depends on how global capital reallocates flows.

To see the crypto market truly take off, three things must happen together: "central bank liquidity injection + institutional risk-taking + active on-chain user engagement." We are now in a volatile era, waiting for the next clear signal—perhaps regulatory easing, maybe big institutions sweeping in, or a sudden explosion of an application on a certain chain.

Ultimately, liquidity is just the stage being set; the real story depends on the ecosystem itself to perform.