The market is saying that the Fed changing leadership is not friendly to Crypto Assets? Don't rush to conclusions.

If the new chairman really adopts a dovish stance, it could be a turning point for the coin circle. Think about it, what has been the positioning of Bitcoin in the eyes of mainstream finance over the years? A definite high-risk asset. And what does dovish mean?

**Where does the loose money flow?**
In a low interest rate environment, a large amount of funds cannot find a safe and profitable place. Traditional bonds yield pitifully low returns, so this money will naturally flow into the crypto market. Once market liquidity picks up, assets like Bitcoin will have room for imagination.

Speaking of hedging demand. When the appeal of the US dollar and US Treasuries declines, investors will reconsider those "alternative options." At this point, the narrative of Crypto Assets becomes more compelling—it is no longer just a speculative tool, but rather part of asset allocation.

The DeFi sector is also worth paying attention to. With the decrease in borrowing costs, on-chain leveraged operations and various protocol activities will definitely become more active. Once this virtuous cycle is initiated, the entire ecosystem will benefit.

**But the coin has another side**

What if the new chairman continues to maintain high interest rates in order to thoroughly suppress inflation? That would be another story. The Fed's primary task has never been to care for risk assets; controlling prices is the hard indicator.

With high interest rates continuing, market liquidity will be continuously drained. Venture capital is shrinking, and the crypto market may have to linger at the bottom for a long time. Is it too early to talk about a bull market in this environment?

**The core is actually just one point**

Regardless of this new chairman's personal inclinations, what truly determines the direction of the Crypto Assets market is the monetary policy he actually implements. A dovish policy is likely to spark a new round of market activity, while a hawkish stance will prolong the period of pain.

There is another easily overlooked angle: although the Fed does not directly manage the regulation of Crypto Assets, the chairman's statements carry significant weight. The global financial markets are watching his attitude.

If he can stabilize inflation expectations and guide the economy to a soft landing, market confidence will rise. A stable macro environment is the real soil needed for all assets, including Crypto Assets.

So it's still too early to say whether it's bearish or bullish. The key is to look at the upcoming policy direction, rather than the personnel changes themselves.