The fluctuations of BTC and ETH in recent trading days have led many to pay attention to a larger backdrop—the power transition at the Federal Reserve.

Recently, it has been reported that the current President of the United States has explicitly expressed expectations for the next chairman of the Federal Reserve: interest rate cuts must be initiated immediately upon taking office. This is not a simple suggestion, but a clear policy direction. The relevant personnel selection work is already underway, with the goal of finding candidates who are more supportive of loose monetary policy. Several potential candidates mentioned in the industry have recently expressed support for accelerating the pace of interest rate cuts. The President himself has repeatedly stated publicly that interest rates should be significantly lowered from their current high levels to unleash economic vitality.

What does this mean for the market? Historically, the rise of tech stocks and crypto assets has often been accompanied by loose liquidity. Once the expectations for interest rate cuts are significantly strengthened due to personnel confirmations, financing costs will correspondingly decrease, and investors' risk appetite will increase accordingly. Rumors about "changes in the Federal Reserve chair" have previously been enough to trigger significant fluctuations in U.S. Treasury bonds, the dollar, and gold. Now, with a clear path of "replacement + interest rate cuts," the released signal of easing is more direct.

However, this also deserves vigilance. The close linkage of monetary policy with political objectives has sparked discussions about the independence of central banks. If interest rate decisions become overly influenced by politics, it may lead to an underestimation of inflation risks, potentially bringing long-term economic stability issues. The current chair has emphasized the need to uphold the baseline of central bank independence, but the pressure from the White House is becoming increasingly apparent.

How do you view this turning point? If a more "cooperative" new chairman really appears and interest rates are quickly lowered, will crypto assets start a new round of increase? Under the influence of politics, is the loose policy a necessary measure to release growth space, or does it bury the seeds of long-term risk? Are you ready to adjust your position based on this expectation?