#美联储恢复降息进程 Last night, a liquidity injection of 29.4 billion dollars quietly took place, marking the largest single operation by the Fed this year. Pressure indicators in the banking system quickly retreated, and $BTC subsequently pumped, followed closely by $ETH , but the overall market reaction appeared somewhat "divided".

The data dimension is indeed improving. Trump's economic advisor, Hassett, is rumored to be a popular candidate for the next Fed chairman, and his statement of "cutting interest rates immediately upon taking office" has heated up market sentiment. According to CME data, the probability of a rate cut in December has soared to 84.9%, and the yield on 10-year U.S. Treasuries has fallen below 4%, all of which are signals of a shift towards liquidity easing.

However, upon closer inspection, some discrepancies can be observed. Among mainstream cryptocurrencies, only $BTC and $ETH have shown a noticeable reaction, while some platform tokens are still hovering below key resistance levels. Conversely, some smaller tokens have suddenly surged—this pattern of "leading tokens lagging while miscellaneous ones soar" resembles an emotional rebound in a bear market, rather than the beginning of a full-blown bull market.

From a configuration logic perspective, it is not suitable to chase high-priced altcoins at the current stage. What really deserves attention are those projects with actual business support: the ecological expansion of $SOL , the dividend mechanism of DEX leaders like $UNI , and targets like TAO and ASTER with clear technical routes. If you only chase short-term hotspots, you may very likely get trapped in the next round of correction.

For risk control, now is a suitable time to do some hedging. Consider lightly shorting the short-term overbought range of $BTC/$ETH , or allocate some to US Treasuries and gold. The liquidity during the Thanksgiving holiday is already thin, and any unexpected news could trigger significant volatility.

To summarize: Liquidity is improving, policy expectations are heating up, but the market structure has not yet formed the appearance of a bull market. What needs to be done now is to hold onto fundamentally strong leading coins, manage positions well, and not be blinded by short-term gains. It is only when mainstream coins truly break through key resistance and the logic for altcoins to follow is clear that it will be time to increase investments.