The Fed has finally hit the pause button on quantitative tightening, and this move has caused quite a stir in the industry. For over two years, the world's largest central bank has acted like a tireless "recycling machine," continuously siphoning dollars out of the market, draining liquidity to the bone. The crypto market? It's been under tremendous pressure in this environment, barely able to catch its breath.

Policy has shifted—is it time to start celebrating? Not so fast. Stopping the tightening and actually injecting liquidity are two completely different things. At best, we're at a stage of "no longer bleeding," but for the market's circulation to truly return to normal? That'll take time. What's the trickiest part of this phase? Messy expectations. Some people think good news is coming and are jumping in early, while others are still waiting on the sidelines, leading to unusually fierce battles between bulls and bears. Prices may swing up and down, and we might see those "blender" moves where both chasers and bargain hunters get burned. So at this point, blindly rushing in is unwise—it’s better to stay steady.

But looking at it from another angle, this is also a signal: the rules of the game are changing, and a turning point in the cycle has quietly arrived. Ethereum is a prime example. It's like a decent engine that's been running low on fuel for a long time; once liquidity starts flowing back, the entire ecosystem's activity could jump rapidly. Those sectors that have been building up strength—Layer 2 scaling solutions, DeFi protocol innovation, new restaking strategies—are like hidden aces, and now might be their time for a reshuffle. Once capital loosens up, the value in these areas will gradually come to the surface.

To sum up: opportunities and traps coexist right now. The policy shift has indeed opened up room for market imagination, but you can't ignore the short-term volatility risks. What's most needed at this moment? Calm judgment—don’t let your emotions lead you. Waiting until you’re sure before making a move is much better than charging in blindly.