Recently, a power struggle has erupted at the policy level in the United States. Trump set the new Federal Reserve Chair candidate in early January, while Treasury Secretary Yellen's stance has become quite firm. This is not just a simple personnel adjustment but more like a restructuring of power within the system.

The Treasury Department is attempting to break the long-standing independence of the Federal Reserve, directly intervening in the decision-making of QE and QT. Two Kevins (Hassett and Warsh) are currently popular candidates, and industry consensus believes that after the new chair takes office, the policy tone will shift from the previous "massive liquidity injection" to a more precise approach—both lowering interest rates in coordination with the White House and controlling liquidity levels to reduce the wealth gap.

What does this mean for the crypto market? The key lies in the change in liquidity expectations. Once the rate cut cycle accelerates and the balance sheet reduction speeds up, market liquidity volatility will significantly increase. As the most risk-sensitive asset class, cryptocurrencies tend to react most sharply to such policy shifts. The Federal Reserve's independent decision-making in recent years has provided some clues, but now the Treasury's involvement will add more uncertainty.

The macro narrative for 2025 may be rewritten due to this power reset. Systemic upheaval often brings large fluctuations, and for traders closely monitoring policy developments, this is an important point to watch continuously.