#美联储货币政策走向 Looking back at the Fed's monetary policy trends during this period, I can't help but think of the bull run in 2017. At that time, the market was full of excitement, and digital asset investment products emerged like mushrooms after rain. But now the situation is very different.

Latest data shows that last week, there was a massive outflow of $2 billion from digital asset ETPs, with 97% coming from the US market. Behind this large-scale withdrawal, there are concerns about the uncertainty of monetary policy and a chain reaction caused by the sell-off of crypto whales.

Bitcoin and Ethereum were the hardest hit, with outflows of $1.38 billion and $689 million, respectively. Interestingly, investors are starting to shift towards multi-asset ETPs while increasing their short positions in Bitcoin. This risk-averse sentiment stands in stark contrast to the atmosphere of blindly chasing gains from years past.

History is always remarkably similar. Every round of bull and bear cycles is accompanied by changes in policy and drastic fluctuations in market sentiment. As a witness, I am well aware of the significance of these cycles. The current outflow of funds may signal the beginning of a new round of adjustments.

However, there are opportunities in crises. The German market saw an inflow of 13.2 million dollars against the trend, indicating that regional opportunities still exist. For veteran players who have experienced multiple ups and downs, maintaining rationality and cautious planning is the key to success. After all, the market will eventually return to rationality, and truly valuable projects will eventually come to light.