Looking at the timeline from a ten-year perspective, the current personnel changes at the Fed may be the most important event for the encryption circle to pay attention to.

**Hassett's rise = directly adding rocket fuel to the market?**

The news has exploded: Trump has basically locked in the new Fed chairman, with Kevin Hassett's odds soaring to an absurd level, reaching 65% on Polymarket.

What is this person's background?
- Directly confront Powell "the rate cut is too slow", advocating to cut by 50 basis points.
- Member of the Coinbase Advisory Board, holding over $1 million in COIN stock
- The White House digital asset team operator, one of the biggest figures in the crypto world who understands it best in Washington.
- Public platform "Bitcoin is a serious asset against inflation"

In simple terms: transitioning directly from Powell's "steady as she goes" to Hasset's "super dovish + encryption diehard" mode. This is not just a simple personnel change, but a complete shift in the Fed's policy towards a "Trump 2.0 liquidity frenzy." The surge in BTC from $10,000 to $69,000 in 2021 is likely to be replicated in 2026, and with even more intensity.

**But there is a time bomb: Yen arbitrage liquidation**

The only thing that can put the brakes on this wave of excitement is the Bank of Japan's high probability of raising interest rates by another 25bp in December. Once the yen interest rates continue to rise, the ¥4 trillion yen arbitrage trades will be forced to partially unwind.

What does closing a position mean? Global liquidity is tightening instantly, and risk assets (including BTC and ETH) will inevitably face pressure in the short term.