The Federal Reserve's pace of liquidity injection shows no signs of slowing down. Last night, through overnight repurchase operations, another $2.5 billion was injected into the financial system. This is not an isolated event but a continuous signal of deepening.

More noteworthy is the data: from early 2025 to now, the Fed has cumulatively injected over $120 billion through such operations. What does this number reflect?

First, the Federal Reserve is strictly fulfilling its role as the "lender of last resort," continuously supplementing backup liquidity to the financial system to prevent sudden funding shortages. Second, a new operational rhythm is taking shape. While discussions still focus on the direction of interest rate policies on the surface, in practice, routine and large-scale liquidity injections through repurchase tools have become standard operations.

For the crypto market, the significance of this $120 billion lies in the quiet restructuring of the global dollar liquidity foundation. When the "underlying fuel" of the traditional financial system becomes so abundant, the valuation logic of risk assets is bound to adjust accordingly. Although large amounts of liquidity may not directly flow into every trading account, they are continuously raising the water level of the entire capital pool. True opportunities often begin to brew when the tide first starts to rise.