Last night when Powell said that, I was stunned for three seconds, then couldn't help but laugh out loud.

"QT officially ends today."

The rules of the game have completely changed.

First, let's talk about the three major announcements made by Powell:

First, the quantitative tightening comes to a direct end. With $95 billion flowing back into the market each month, this is no mild policy adjustment; it is essentially the liquidity faucet being turned to its maximum setting.

Second, the probability of a rate cut in December is locked at 87%. Moreover, there will be a few more cuts in 2025, and the Federal Reserve's stance is already written on their face.

Third, the inflation pressure caused by tariffs? Powell himself said, "The Federal Reserve maintains independent decision-making." In other words: no matter how much noise you make in the White House, we only act based on the data.

Now watching the market, the signals are already very clear:

The funding rate has rebounded directly from -0.008% to near the zero axis, and short sellers have obviously started to retreat; several veteran players on the chain have poured all the borrowed USDT into BTC and ETH; ETH saw an outflow of 80 million USD in the early session, but ended up turning positive with an inflow of 160 million; the fear and greed index is currently still at 20, but I dare say that this number will surge above 50 tomorrow.

To be honest, looking back at the market crash this morning, it seems like a welcome gift prepared by the market for 2025.

And Powell personally helped us unwrap the package.