#BTC资金流动性 Tonight, the Fed is taking significant action again — it is expected that at 10 PM (Beijing time), approximately 6.8 billion dollars will be injected into the market through a repurchase protocol. It is referred to as "routine operation", but looking at the results of the past ten days: a total injection of 38 billion dollars. This scale is enough to provoke a market reaction.

What is a repurchase agreement? Banks use high-quality assets like government bonds as collateral to exchange for short-term funds from the Fed. It sounds very technical, and indeed it is (the Fed officially states this - a routine operation during the year-end funding crunch). But don't be fooled by the word "routine."

$ETH and $DOGE holders are starting to feel restless. Is the 38 billion being released just for managing liquidity? Or is the entire financial environment much looser than expected? This is the crux of the issue.

In ten days, with this frequency and scale of investment, the traditional financial circle has various interpretations—some are optimistic, while others are cautious. The key lies in where this wave of "liquidity" will ultimately flow. Will it stabilize the fundamentals of traditional finance, or will some spill over into risk assets? Is this operation at the end of the year a routine stabilization measure, or is there something else at play? What do you all think?