#美联储利率政策 Recently, I've been observing the Federal Reserve's recent actions and have some thoughts I want to share with everyone. What does the shift from balance sheet reduction to net injection mean? Simply put, it indicates that the liquidity environment is improving, and the policy stance is more dovish than expected.

You can feel this from the performance of digital assets—there has been a third consecutive week of net inflows, led by the US market, which is no coincidence. But I want to remind everyone: **Inflow ≠ immediate price increase**. Some investors are now waiting for instant gains, which can lead to impatience. Bitcoin's inflow this year is actually less than the same period last year, which suggests that the market is re-pricing itself and sentiment is still in the process of recovery.

My advice is, since the policy environment is indeed improving, it’s a good opportunity to review your asset allocation. I’m not telling you to go all-in now, but to consider: Is your position overly concentrated? Do you have enough "safety cushion"? The Federal Reserve has cut interest rates, but that doesn’t mean risks have disappeared—only that the nature of risks is changing.

In the long run, a loose policy environment is beneficial for assets, but only if you can withstand the volatility during the process. A prudent approach is always to focus on defense in a good environment, rather than being blinded by the improved situation. Time and patience are often the best sources of returns.