#美联储货币政策 Looking back, whenever the Fed adjusts its monetary policy, the market tends to react. This time is no exception. The U.S. stock market has fallen, and Crypto Assets have retreated, seemingly replaying a historical script. Bitcoin has dropped from a high of $86,100, reminiscent of the big dump at the end of 2017. However, the current market structure is different. The entry of institutional investors has strengthened the connection between Bitcoin and the TradFi market. The downward pressure during the U.S. stock market opening hours precisely reflects this.

Interestingly, the market's expectations for a Fed rate cut in December are weakening. Looking back to the post-2008 financial crisis, the Fed implemented a massive quantitative easing policy, which drove a bull market for the next decade. However, strong employment data now seems to give the Fed more reasons to be cautious. This subtle shift may herald the beginning of a new cycle.

Historically, each cycle of Crypto Assets has been closely related to macroeconomic policies. The current market adjustment may be a signal of the transition between old and new cycles. For investors who have experienced multiple cycles, this is both a challenge and an opportunity. The key is to stay clear-headed, neither blindly optimistic nor overly pessimistic. After all, the market always moves forward through its ups and downs.