#美联储货币政策 Recently, the Fed's monetary policy trends have sparked widespread follow in the market. According to the latest survey by Reuters, 84% of economists predict a 25 basis point rate cut in December. This expectation echoes the views of large asset management institutions such as Guggenheim, reflecting the market's concerns about economic slowdown.

From on-chain data, this expectation has already influenced the flow of funds to a certain extent. It has been observed that some institutional investors are adjusting their cryptocurrency asset allocations, possibly in response to potential policy changes. In particular, the trading volume and holding distribution of stablecoins have shown subtle changes, indicating that the market is preparing for possible liquidity easing.

However, it is worth noting that there have been no significant anomalies in the behavior of on-chain large holders at present. This may indicate that they are still adopting a wait-and-see approach to the Fed's actual actions. It is recommended to closely follow the on-chain activities in the coming weeks, especially the large stablecoin transfers and changes in the DeFi lending market, as these may provide us with more clues about market expectations.