#数字货币市场回升 Recently, the market has suddenly become exuberant. What exactly is happening behind the scenes?

First, let's take a look at the funding situation. The Federal Reserve injected $29.4 billion into the market through short-term repos, while the reverse repo balance continues to be consumed. Although this is not quantitative easing, it has effectively extended the life of liquidity. Bitcoin, with its keen sense, has already started to stir.

Looking at the expectations. The market is now wildly betting that there will be at least 4 rate cuts next year, and even the 10-year U.S. Treasury yield has broken through the 4% barrier. But let's stay calm—will there be a rate cut in December? The odds have been overhyped. A real policy shift will have to wait for inflation data to provide some clarity.

But there is a fatal problem: the liquidity during the Thanksgiving holiday will plummet sharply, and a few small orders can stir up huge waves. To put it bluntly, this wave of market movement is just a short-term improvement in liquidity; it is still early for a real policy shift.

To summarize: The combination of liquidity recovery and interest rate cut fantasies has indeed laid the groundwork for a rebound. However, a low liquidity environment acts like an amplifier, and volatility will be magnified. I am optimistic about the short-term performance of $ETH $DOGE $SOL , but remember - don’t get too carried away; a rebound does not equal a reversal.