Recently, there's a phenomenon that hits hard— the Federal Reserve injected 26 billion into the market, yet the crypto market shows no signs of vitality. There's no obvious rally, nor is there a crash; it just sits there quietly. Many people start to speculate whether the market is gathering strength, but little do they know that behind this seemingly calm scene, there may be a more ruthless strategy than a direct plunge.

To be honest, every fluctuation in the market doesn't happen out of thin air; liquidity is the behind-the-scenes driver. This time, the 26 billion from the Federal Reserve sounds impressive, but upon closer inspection, you'll find that the details are not that simple.

How to distinguish whether the liquidity is real money or just a bluff? There are three key indicators to watch. First is the maturity issue—this round involves short-term repurchase operations, which must be repaid within 14 days. This isn't long-term liquidity injection; it's emergency blood transfusion, with completely different nature. Second is the interest rate environment— the federal funds rate is still stuck at a high level of 5.25% to 5.5%, meaning the cost of funds is extremely high. Large institutions would rather stabilize assets than risk pouring money into the crypto market. The third is what the Federal Reserve itself says—official documents explicitly state that the purpose is to "maintain stability in the short-term financing market," with no mention of stimulating the economy or boosting risk assets.

So, here's the question: given all these restrictions, why can the market still hold steady without falling? Essentially, it's a psychological game played by the Federal Reserve—using minimal ammunition to create the maximum noise, deliberately delaying a collapse. But postponing doesn't mean canceling; this debt will have to be paid eventually.