#美联储货币政策 After reviewing this Federal Reserve decision and the logical chain of Trump's power restructuring, I have to be honest — the chaos in the short-term market may just be beginning.

The key isn't the 25bp rate cut, but the balance sheet. The Fed has quietly initiated a $45 billion short-term debt purchase program, which on the surface is "reserve management," but in reality is preparing for the Treasury's takeover. Power is shifting from the central bank to the Treasury, which means the long-term interest rate pricing method will undergo a complete change. The term premium is being re-evaluated, and the market is testing the new order.

From MicroStrategy and Tom Lee's actions, it’s clear that institutions have already sensed this liquidity easing expectation. Saylor raised $1 billion in a week to buy Bitcoin, something that would have taken four months in 2020. But I want to especially remind you — the recent $4 billion ETF outflows are not panic withdrawals, but forced liquidations of basis arbitrage positions. 93% of trading days have seen the basis fall below breakeven points, leverage arbitrage traders are retreating, but allocation-oriented institutions are still in. This means the market structure is actually becoming healthier.

For our copy trading, this period requires extra caution. The boundaries of the financial system's power are being rewritten, and short-term volatility may seem "illogical," but this is an inevitable stage of structural change. If you're following aggressive traders, you might consider reducing your copy proportion, as volatility will be amplified under this uncertainty. Those focusing on low-position accumulation and conservative strategies are now the best followers.

The Christmas market may arrive, but how far it can go depends on how quickly Trump's team can transform the monetary system. Be prepared, but don't be overly optimistic.