Recently, the violent pump of BTC and ETH hides a key signal - the Fed's policy balance is tipping.

The market has been like it has been pumped these past two days, and many people haven't figured out what is going on. In fact, the answer is hidden in the recent intensive statements from several core officials of the Fed.

Several important allies of Powell have almost simultaneously released dovish signals, expressing support for continuing interest rate cuts in December. Their logic is clear: the current risk of a weak labor market has overshadowed concerns about rising inflation. The policy balance is beginning to tilt towards easing.

Data becomes more direct: The market expectation probability of a 25 basis point rate cut in December has surged from around 40% to 80% within a week. This drastic change in expectation has directly ignited risk assets.

Many sharp players in the circle have already sensed this trend and positioned themselves with long positions in advance, and they've indeed reaped the rewards this time.

That said, the temperament of the crypto market is unpredictable, and it remains to be seen how long the macro narrative can hold up. After a short-term frenzy, one must still maintain clarity.