There is a major announcement: Trump is highly likely to appoint Kevin Hassett as the next chair of the Fed. Hassett is a close ally of Trump and has a Heavy Position of over a million dollars in Coinbase stocks, making him an "insider" in the crypto assets field, and he has always felt that the current pace of interest rate cuts is too slow.

As soon as the news broke, the market reacted sharply, and long-term interest rates have already started to quietly decline. Everyone anticipates that liquidity may loosen in the future. However, one should not be blindly optimistic: on one hand, the appointment still needs to go through the process and there are variables involved; moreover, the Fed's decisions are not solely in his hands, and the market may have already priced in part of the expectations. On the other hand, the core change is that the focus of global central bank policies is shifting from fully suppressing inflation to stabilizing the economy, which is the key to potential liquidity easing in the future.

For retail investors, the advice is very practical: don't just focus on the news, pay close attention to the Fed's balance sheet size and the actual statements from the interest rate meetings; if liquidity really becomes loose, high-quality crypto assets like Bitcoin often benefit, and now you can gradually position yourself rather than blindly go all in.

Overall, the change in leadership at the Fed signals a potential new cycle that may be more friendly to the market, providing guidance for future direction, but it is not an immediate signal to enter.