Here it comes again - the Fed is set to inject $6.8 billion through a repurchase protocol tonight at 10 o'clock.

At first glance, this may not seem significant, but over the past 10 days, a total of 38 billion has already been injected. The official reason is "year-end liquidity management," which indeed sounds like positive news. At the end of the year, institutional demand for funds is strong, and market liquidity can easily tighten. The Fed's actions appear to be aimed at preventing a "money shortage" from causing an unexpected crash.

But what if we look at it from a different angle? The entire market value of Bitcoin is only about 20 trillion, so the 38 billion increase is indeed a drop in the bucket. This amount of money is basically nothing significant in the U.S. financial system—rather than saying it is really a market rescue, it would be more accurate to say that it is to make the financial statements look better at the end of the year.

The liquidity has indeed eased, but the extent is limited. For risk assets like Bitcoin, the significance may not be as great as imagined.