Fren with ETH holdings should have made money on the long order yesterday, right? This wave of pullback starting at seven this morning really stems from the Fed — Powell is going to resign.

If it were in the past, this news might have caused a surge in the crypto market. After all, everyone has experienced Powell's early hawkish stance, and it was only before his departure that he started to ease up and turn dovish. But now it's different; the market is focused on the next one.

Trump has basically made it clear on his side, with various news pointing to Kevin Hassett as the successor. Hassett's style is completely different from Powell's - he is a standard dove advocating for significant interest rate cuts. This is actually paving the way for next year's policies.

There are now two things on the table: when will the interest rate cut expectations be fulfilled? When will the new chairman officially take office? These two points basically determine whether the crypto market will continue this bull market or turn to a correction period.

In simple terms, the macro narrative has changed, and the on-chain strategies need to be adjusted accordingly.