#美联储利率政策 The Fed's recent moves are indeed interesting—cutting interest rates by 25bp aligns with expectations, but the real key is the "hidden QE." The $40 billion in Treasury reserve management purchases, continuing until April 2026, is quietly easing liquidity. Coupled with market expectations of a further 50bp rate cut in 2026, the policy environment is actually much more moderate than imagined.

The data speaks: digital assets have seen net inflows for three consecutive weeks, with last week’s $864 million being the most active in the US market ($796 million). Bitcoin absorbed $522 million, while short products have been continuously flowing out, indicating market sentiment is recovering. Ethereum performed even more strongly, with $13.3 billion inflow this year, a 148% year-over-year increase.

But there's a detail that can't be ignored—the price performance after the rate cut has been relatively weak, and capital flows and sentiment are diverging. This shows the market is waiting and observing, not blindly optimistic. For follow-trade strategies, the current opportunity lies in identifying those traders who have already positioned themselves and are waiting for policy confirmation. Their position structures and adding-ratio will be very informative.

Those with high risk appetite can follow the aggressive traders—they tend to leverage early; the more conservative ones wait until liquidity is fully released before acting. The key is to see who sets reasonable stop-loss levels—under this environment, a good stop-loss is more valuable than bottom-fishing. Policy easing is in the air, but don’t forget there are still many variables in December.