#美联储回购协议计划 The end of the year is here, and once again there are major events. The Federal Reserve has injected about $38 billion of short-term liquidity into the market through repurchase operations over the past 10 days. Yesterday's $6.8 billion operation was even more aggressive—the first since 2020.

The crypto community exploded at the news. Everyone's reaction was very consistent: positive! The logic sounds reasonable—more money → cheaper borrowing → some speculators might buy the dip in crypto assets. It indeed feels like a shot of confidence to a sluggish market.

But don't really believe this is "liquidity easing."

Industry insiders have been correcting a misconception: this is definitely not quantitative easing (QE). People have misunderstood it. The Federal Reserve's operation, to put it plainly, is a technical measure used to cope with the cash crunch at the end of the year. The money will be paid back within a few days, and the long-term policy stance remains unchanged—tight or tighter. Essentially, it's "lending you a few days," not "giving you real funds."

So, what does this mean for the crypto world?

Honestly, it's more about psychological effects and short-term liquidity support. It might help hold the market bottom, but don't expect it to trigger any major rally. The real bull market will still depend on the Federal Reserve signaling a substantial rate cut.

It's like the difference between short-term blood transfusion and long-term blood production. The market never needed occasional capital injections; it needs sustainable blood supply. The same applies to crypto—true value comes from whether the ecosystem can continuously generate value. That’s the real source of stable, sustainable liquidity.