#美联储恢复降息进程 Yesterday we were still saying that banks can finally conduct encryption business openly, and today there are rumors that the Fed chairman is leaving? This script is written too wildly.

Reuters has received news from Washington that Powell's resignation is basically a done deal. Once the news broke, U.S. stock futures began to jump around, and the dollar index fell straight down. $BTC is even more exaggerated—soaring from $81,000 all the way up to $91,000, a rally speed that can only be described as textbook-level. Just as traditional financial institutions were preparing to make a big entry, the regulators suddenly changed personnel, and this timing is really hard to grasp.

Several questions arise: How could the market not fluctuate when changing the chairman at a time when money is already tight at the end of the year? What was the purpose of that emergency meeting last night? Will they take advantage of the personnel adjustments to implement some major policy actions? The most critical point is, what approach will the successor take—continue to pump liquidity or tighten the purse strings? This directly determines whether we need to adjust our positions.

Looking back at history, it's easy to see how exciting the Fed's leadership transitions can be. In 2018, when Powell first took office, $BTC dropped more than 40% in a single month, which was pretty disastrous. In 2022, during his reappointment, he faced the worst earnings season for US stocks in a decade, and the market was filled with despair. Now in 2025, another round is upon us, and many old investors are feeling a bit anxious.

However, upon reflection, it is not entirely a bad thing. If a dovish person takes over, the expectation of interest rate cuts will be fully realized, and with loosened liquidity, encryption assets are bound to take off, allowing spot traders to win effortlessly; even if the hawkish stance continues to tighten, after a short pain, it will still be a good opportunity to buy the dip. Currently, the premium of Grayscale GBTC has been expanding, and the fear and greed index has soared into the extreme greed zone; smart money has already been secretly positioning.

What do you think will be the big move at tonight's meeting? Will the successor lean towards doves or hawks? Can $BTC break through the $100,000 barrier this time? Let's discuss in the comments.