Liquidity inflection points are forming, and the market landscape may be undergoing new changes.

Recently, several noteworthy signals have been observed: the Federal Reserve announced the cessation of its three-year balance sheet reduction operation, which means that the previously tightened liquidity environment is beginning to shift. Historical data shows that whenever central bank policy shifts towards easing, crypto assets are often one of the first sectors to benefit.

The attitude of traditional financial institutions is quietly changing. Vanguard, the asset management giant known for its conservatism, has suddenly opened up cryptocurrency ETF trading channels to its 50 million clients. It is worth noting that this company has previously kept a distance from digital assets. When the most cautious players start to adjust their positions, it indicates that certain underlying logics are being restructured.

The technical aspect is equally interesting. Data from the Chicago Mercantile Exchange shows that Ethereum futures trading volume has surpassed Bitcoin for the first time—this change is thought-provoking. The market seems to be pricing in the upcoming "Fusaka" upgrade in advance. Scheduled for December 4, Ethereum will initiate the most significant technical iteration after the merge, improving the cost and speed of Layer 2 through the PeerDAS solution and phased scaling of Blobs. This is not just a technical optimization; it also relates to the long-term evolution of the entire network's economic model.

The data on futures open interest and options volatility also confirms this point—traders are expressing their expectations with real money.

When macro policies shift, institutional channels open, and technological narratives are in place, the market often responds with feedback when these three clues appear simultaneously. Whether this is a true starting point of a trend or just another round of the "sell on the news" script can only be verified by time.

What do you think about this wave of changes? Share your thoughts in the comments.

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GasFeeTherapist

· 18h ago

Vanguard suddenly opens encryption ETF? This seems suspicious, there must be insider information. --- Ethereum futures volume exceeds Bitcoin, it feels like someone is frantically building expectations. --- I trust the three lines appearing at the same time, but I've heard this reasoning too many times, let's wait until December to see. --- I'm tired of hearing the same old story about institutions getting on board, the key is whether retail investors can follow in without losing. --- This step by Vanguard is crucial; does it mean that the Compliance issue is really resolved? --- After talking endlessly about macro, institutions, and technology, in the end, it's still "leave it to time to verify," that's just too safe, haha. --- Can Ethereum really ride the waves? I'm still just watching. --- Can the Blob expansion cost really decrease? Looking forward to seeing the actual data. --- It feels like everyone is betting on the wave in December; by then, either it will go to da moon or there will be dumb buyers everywhere. --- When Flow exceeds expectations, it’s often the time to run; will it be the same this time?

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EthSandwichHero

· 18h ago

Has Vanguard opened the door? This time it really is different... The Fed stops shrinking the balance sheet + institutional entry + ETH technical upgrade, three signals stacked together really can't hold back anymore. --- Wait, is it "this time is really different" again? Why do I feel like I've heard this line too many times. --- There is indeed something going on with PeerDAS, but don't be blinded by the technical narrative; making real profits still depends on how the traders move. --- What does this move by Vanguard mean? It means they think the market can no longer be ignored, it's not that they suddenly woke up. --- Can the old trick of anticipated sell-offs hold for the long positions in December? I bet five bucks that by then someone will still get dumped out. --- I do believe in three lines appearing simultaneously, but the problem is, are the directions all consistent? Macro policy is easing, but what if the technical upgrade fails?

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TideReceder

· 18h ago

Vanguard, an old relic, has started selling ETFs, it's hilarious... this wave is really coming, right? --- Will ETH surpass BTC in volume? Wake up, this might be the last frenzy. --- With a loose cycle + institutional endorsement + technological upgrades, the three arrows indeed hit hard, but I’ll wait until it falls before I say anything. --- The Fed turns towards the crypto world and everyone cheers, hasn’t history taught us anything after so many times? --- If Vanguard's 50 million users really come into the market... well, maybe we have to wait a bit longer. --- The surge in open interest for futures is just gamblers adding leverage, don’t take it seriously. --- Dencun going live on December 4th will change the world? Keep dreaming. --- Another "three clues appear at the same time", my ears are getting calluses from hearing this, they say this every time.

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GasFeeCrier

· 18h ago

The pioneers have started playing, this time it really feels different, right? Ethereum futures surpass Bitcoin, this signal is a bit harsh. Macro shift + institutional entry, it feels like it's time to buy the dip. Is the Fusaka upgrade worth looking forward to, everyone? Has anyone studied it? What does the Fed's halt in tapering indicate? Is the funding really going to loosen? Three signals appearing at the same time, what a coincidence, could it be another speculative hype? I'll get on board when Layer 2 costs go down, it's not cheap enough yet. The change in institutional attitude is the biggest signal, money speaks. Let's wait and see, I just have a feeling that someone will catch a falling knife this time. I really dare not go all in on this wave, afraid it will be another short-term profit-taking sell.

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YieldChaser

· 18h ago

Even the old-timer Vanguard has started to embrace encryption, which shows that it's the trend of the times... But I still think this wave will replay the scenario of expectation realization and then dumping. Has ETH turned around? The futures volume exceeding BTC is indeed a bit outrageous, but don't forget that it was like this before the last technical upgrade, and in the end, it still fell back. All three clues are present, but it feels like it's been hyped up in advance; let's see the real outcome on December 4. The Fed has started to get so hyped since stopping the tapering; if they really lower interest rates, wouldn't that be crazy? Stay alert, brothers. Vanguard opening the ETF channel is truly favourable information, but these institutions have always lagged behind; the stuff we've already experienced is just starting to be played by them... If liquidity really turns around, I should have entered a position a long time ago; now if I enter, wouldn't that make me a dumb buyer? The options volatility has indeed soared, but this thing is often used to trick retail investors, so don't take it too seriously. This wave really feels different, but I will still wait for a pullback before making a move; otherwise, I'm afraid of catching a falling knife at a high position.

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GasFeeSobber

· 18h ago

With Vanguard's openness, institutions are really starting to break their psychological barriers. Vanguard's move indicates that the narrative has been well delivered. With both technological upgrades and macro shifts, it sounds quite smooth, but I'm afraid it might just be another "expectation game." Are ETH futures surpassing BTC? Is this serious this time? Liquidity shifts are always the best catalyst, but I still want to wait until December to see. Will three clues definitely lead to a rise? History has never been that simple. The day institutions enter should have been the time to enter a position; it feels a bit late now. I don't quite understand things like PeerDAS, but if Layer 2 can really become ten times cheaper, then there’s a story to tell. To put it bluntly, it's still a bet on the FED's resolve; it's not that complicated. Will this wave of Ether become an asset level like BTC? It feels like it's on the way.

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