Recently, the Fed's policy direction has stirred the nerves of the entire market. The change in attitude of policymakers regarding interest rate cuts is profoundly affecting asset allocation logic, particularly the attractiveness of Crypto Assets.

Interestingly, the actions of large institutions are often more honest than their words. An investment arm of a leading tech company has recently been active, adding 451 Bitcoin, with total holdings now exceeding 11,500 coins and a market value close to $1 billion. This scale is no longer a trial but a genuine tilt in asset allocation.

On-chain data shows that large holders are indeed actively accumulating. The outflow from exchanges continues to rise, indicating that holders have good confidence. This phenomenon often signals a turning point in market sentiment.

From a macro perspective, the central bank's rate-cutting cycle may be more aggressive than the market expects. If the interest rate space is further compressed, the attractiveness of traditional safe-haven assets will decline. In this context, Bitcoin, as an asset with a fixed supply that is not directly controlled by central bank policies, is regaining attention. Especially in an environment where inflationary pressures still exist, the "anti-inflation hard currency" property of digital assets is gradually being recognized by institutions.

From marginal risk assets to mainstream investment objects, Bitcoin's identity is quietly transforming. This reflects the profound changes in the macro policy environment—when the expected returns of traditional financial instruments are compressed, the market will naturally seek alternatives. Of course, the volatility of the crypto market still needs to be watched, but the allocation value is on the rise.