Last night, after the Federal Open Market Committee (FOMC) Meeting, the crypto market instantly boiled over. Powell's statement this time can be described as textbook "double talk"—publicly tough as nails.

At the press conference, he repeatedly emphasized that there was no rush to cut interest rates, stating that they would continue to observe economic data and maintain the current policy as long as the labor market remained stable. This statement completely dashed market expectations. Interestingly, the meeting minutes indicated that the pace of balance sheet reduction is quietly slowing down. This operation is akin to saying "I am very strict" while secretly turning on the liquidity faucet.

Regarding inflation, although the data is indeed declining, Powell still insists that "we are still far from the target." His attitude towards the risk that tariff policies may drive up prices is also quite subtle—neither completely denying nor directly responding. The U.S. economy appears calm on the surface, but there are undercurrents; both businesses and consumers are becoming cautious as they wait and see.

On the other hand, Trump's attacks on Powell have intensified. From publicly calling for his resignation to labeling him "Mr. Too Late," and even suggesting an investigation be launched. There are also rumors within the White House that Powell might resign voluntarily. Every time such political maneuvering occurs, the U.S. stock market, bond market, and the U.S. dollar index experience significant fluctuations, and the crypto market naturally cannot remain unaffected.

This round of quantitative tightening is not simply a preparation for interest rate cuts. Powell has to maintain a tough stance to preserve credibility, while also worrying that liquidity depletion could trigger systemic risks, which is why he has come up with this strategy of "openly repairing the bridge while secretly crossing the river." On one hand, the market is complaining about his double-talk, while on the other hand, it has already started voting with its feet—sharp investors have already captured the signals of a policy shift and begun to position themselves in advance.

The biggest suspense now is whether Powell can last until the end of his term in 2026. If there is an early replacement, and the new chairman adopts a more lenient monetary stance, mainstream cryptocurrencies such as BTC, ETH, and BNB may usher in a new round of strong market trends, benefiting the entire crypto market.

In the short term, the ambiguity of Fed policies will continue to create volatility, but the overall direction of liquidity improvement is already clear. What is worth paying attention to next is the opportunity window for altcoins; after mainstream coins stabilize, the effect of capital rotation may bring a return potential of 5-8 times.