The Fed's Beige Book is like throwing a blurry bottom card on the poker table — employment data soft landing, prices still climbing slowly, and polarized consumption. This set of signals serves as a cooling alarm in TradFi, but players in the crypto market have already set their sights on the gaps during the "policy vacuum period."

Look at how noisy Wall Street is now: the hawks are shouting for interest rate hikes, claiming "inflation is not dead yet," while the doves are holding up signs saying "consumption is tearing apart" and calling for liquidity. The Fed is caught in the middle, feeling stuck; this tug-of-war has instead provided a bizarre opportunity for digital currencies—Bitcoin is holding at $90,000, and Ethereum is stable at a support of $3,000. This reliance is not just on the inertia of the expectation that "the interest rate hike cycle is over," but rather it seems like funds have found a temporary refuge in the fog of policy.

Consumption differentiation is indeed happening. However, the crypto market has its own logic: while ordinary people are tightening their pockets, the wealthy see this as a reservoir under the expectation of dollar devaluation. Look at the Bollinger Bands on the 4-hour chart still hovering at the upper band; the strong stance of "buying the dips" is essentially using chips to cast a hesitant vote for the Fed.

To put it bluntly, the macro environment is simmering slowly, while the crypto market is engaging in a game of speed and passion: focusing on technical corrections for short-term entry points, while betting on policy shifts for long-term gains. In this game, whoever first understands whether the Fed will loosen or tighten next will be able to reap real profits from this wave of liquidity mismatch.