The Fed's recent operations are quite interesting—injecting 38 billion in liquidity over 10 days and another 6.8 billion tonight. On the surface, it's said to be "routine operations," but the underlying logic is worth pondering.

What is the current state of the traditional financial system? The routine operation of year-end fund settlement requires the central bank to inject liquidity directly to maintain it. This is not a small matter - it indicates how deep the entire system's dependence on Liquidity is. Continuous, small-scale liquidity injections are subtly changing the fundamentals of global asset prices.

The crypto community is particularly sensitive to this trap. This 6.8 billion itself is not a direct benefit, but the message it conveys is very clear: the Fed will not let the market "suffocate". The underlying logic of easing has not changed. What will happen under this expectation? Speculative sentiment will warm up first, and both institutions and retail investors will begin to seek high-risk, high-return allocations—thus, the crypto market naturally becomes the target for funds.

How to treat this wave of opportunity? Don't blindly go all in just because of "easy money." These liquidity injections are primarily aimed at stabilizing the traditional financial system, and what we gain is merely the spillover effect. A more rational approach is to examine your position structure and shift funds from projects without real application scenarios to protocol tokens with a genuine user base and revenue model. At the same time, keep a close eye on Bitcoin's performance—it is the barometer of this round of liquidity expansion, and the strength of the overall market depends on its direction.

The old financial system is desperately trying to maintain itself, while the logic of new asset allocation is quietly changing. The key is to see clearly the direction of this change.