#美联储政策 The central bank's easing policies continue to intensify, and this signal is worth monitoring for its impact on on-chain liquidity. The December minutes clearly defined a moderately loose monetary policy tone, with room for reserve requirement ratio cuts and interest rate reductions still available. Expectations of ample liquidity will gradually transmit to the market.

Key points to observe: First, the advancement of RMB internationalization suggests that cross-border capital flows may accelerate, requiring close attention to the fund flows of mainstream stablecoins and cross-chain bridge contracts; second, under the expectation of abundant liquidity, institutions may proactively allocate risk assets. Historically, such policy windows are often accompanied by large on-chain transfers and phased increases in exchange fund inflows.

Against the backdrop of the Federal Reserve's policy tightening, the relatively loose stance of the central bank provides the market with differentiated trading opportunities. It is recommended to focus on the movements of large holders—especially the inflows and outflows of whale wallets over the past one or two weeks, as well as the fund changes in mainstream DEXs and lending protocols. Policy expectations are often reflected early on-chain, and early signal recognition is crucial for investment research judgments.