Nomura Securities has just released an interesting report, highlighting a key date to watch: in May next year, the new Federal Reserve Chair will take office, and in June, a rate cut cycle may begin. But that's not the whole story—the real issues come later. The report warns that from July to November, the Fed could enter a policy vacuum period, during which uncertainty will be released in full, potentially triggering a large-scale capital outflow from US assets.

For our crypto circle, this kind of situation often has two sides. First, the bad: once global liquidity tightens, risk assets will all be hit, and cryptocurrencies won't be immune. But on the flip side, when the traditional financial system stalls, capital will look for an exit. Bitcoin, as an "off-system safe haven," narrative can easily be reactivated, as proven during the aggressive rate hikes by the Fed in 2022.

So, what should retail investors do? The key is not to be blinded by the word "opportunity."

**Practical strategies**:

Hold some Bitcoin spot, but don't go all-in. It’s a ballast, and you need to keep some in reserve.

If the market really panics and crashes in the second half of the year, it could be a good opportunity to build positions gradually. But only if you have ammunition.

Leverage is a no-go during policy battles. Volatility will be amplified infinitely, and a single policy statement can wipe out your account.

In short, you need to mentally prepare for the chess game after July. Look ahead on the calendar, stay aware, and only then can you survive in the real rhythm. Keep up, but don’t go crazy.