This wave of Federal Reserve tightening rhetoric may need to be reconsidered.

ING's Chief International Economist James Knightley recently stated clearly: the Federal Reserve still maintains a dovish stance.

Although the December meeting minutes revealed some disagreements within the policy team, the market's reaction is quite interesting—it was not shaken at all. Looking at the data from the futures market, investors generally believe there is a 96% chance that the Fed will cut rates before June next year. What does this number indicate? The market has already formed a strong consensus.

In summary: the overall logic of the policy shift towards easing has not changed. For the crypto market, this certainty in liquidity expectations is the best macro backdrop. The collision of the interest rate cycle and the wave of innovation makes the subsequent trend worth paying attention to.