#以太坊行情解读 $ETH $ZEC $LUNA These mainstream cryptocurrencies are becoming increasingly intertwined with macroeconomic policies. On one side, the Bank of Japan signals a rate hike; on the other, expectations for the Federal Reserve to cut rates are rising—who will dominate the market liquidity landscape?

This question seems simple but actually determines the short-term capital flow. As one of the world's largest crypto markets, if the rate cut expectations in the US materialize, loose liquidity is likely to accelerate into digital assets. Conversely, the Bank of Japan's tightening stance, while directly less impactful, as a major provider of global liquidity, also sends an important signal that cannot be ignored.

Cryptocurrencies like Ethereum, ZEC, and others have shown different performances during various liquidity cycles. Ethereum, as the core of the application ecosystem, tends to be more sensitive to large liquidity shifts; while the revival of privacy coins ZEC and Luna depends on increased on-chain activity. The question is, will the current asynchronous global central bank policies lead to abundant incremental liquidity, or will it result in a zero-sum game of capital competition?

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