BTC ETH SOL The market hasn't started yet by the end of the year, but Washington has already thrown out a heavy bomb.

Journalist Nick Timiraos, referred to as the "mouthpiece of the Federal Reserve" by insiders, recently leaked some information: Trump has basically narrowed down the range of candidates for the next Federal Reserve Chairman, and an official announcement may come before Christmas. This sounds like internal personnel matters in the traditional finance sector, but for our crypto market, it may have a more direct impact on wallet thickness than any technical upgrade.

Why? Because where the chair of the Federal Reserve sits directly determines how the dollar interest rates move and whether the balance sheet shrinks or not. These seemingly macro issues ultimately become questions of where real money flows.

If the new chairman is a dove—specifically the type that "doesn't hold back on easing"—the current loose environment is likely to continue, and risk assets like cryptocurrencies will at least not plummet due to liquidity exhaustion. However, if a hawkish tough guy comes in, focused on suppressing inflation and tightening monetary policy, then a stronger dollar is almost a certainty, and the market may have to undergo a round of liquidity stress testing in the short term.

More subtly, there is a political chemistry between Trump and the candidates. If the two can form a tacit understanding on monetary and fiscal policy, it could potentially reshape the entire macro game rules in the long run.

However, to be fair, this isn't entirely bad news. The market has never feared the bad news itself, but rather the uncertainty. Once the candidates are finalized, the funds that have been on the sidelines often quickly rejoin the market, reallocating and bottom-fishing where necessary. Historically, there are many cases of rebounds after such "boots hitting the ground."

Ultimately, the foundation of the crypto market lies in technological progress, application implementation, and ecosystem maturity. Who takes charge of the Federal Reserve is just one piece of the macro puzzle, not the whole picture. This market is no longer the fringe corner of 2017 that could be crashed by a few tweets — it is irreversibly becoming a part of the global financial narrative.

Instead of speculating about personnel changes in the White House, it's better to refocus on on-chain data and the substance of projects. After all, what truly supports this market has always been disruptive potential and the deepening of global consensus, rather than a particular official's position.