#美联储政策 The Fed is expected to cut rates by 25 basis points this week, and many institutions share this view. Interestingly, this time it's not a mild rate cut, but rather a so-called "hawkish rate cut"—the cut is happening, but the signal being sent is: the threshold will be very high going forward, and it might be kept down next year.

What does this mean for the cryptocurrency market? I think it's worth pondering seriously. The liquidity expectations in traditional finance are tightening, which directly affects the valuation logic of risk assets. But looking at it from another angle, precisely because the uncertainty and volatility of central bank policies are increasing, more and more people are beginning to seriously consider a question: Do we need a financial system that does not rely on the decisions of a single central bank?

This is exactly where the core value of Web3 exists. Concepts like decentralized finance (DeFi) and decentralized autonomous organizations (DAO) are essentially answering the question: How can we achieve true financial autonomy through transparent, programmable, and immutable mechanisms when traditional financial policies are full of uncertainties?

The future is not one-dimensional, but multi-dimensional. Some continue to believe in central bank regulation, and that's fine; but more and more people will explore new possibilities like on-chain assets and cross-border liquidity. The changes themselves are opportunities.