#央行政策 Seeing this analysis under the background of central bank policies, we need to change our mindset. The four-year cycle of Bitcoin still exists, but halving is no longer the main driver; now institutions have greater influence, and they are very cautious. Even with the Fed cutting interest rates, prices haven't risen, and liquidity remains the decisive factor.

What does this mean for retail investors? **The market may still consolidate for a while**, but this is a great opportunity to position yourself. Don't expect prices to rise rapidly; focus on interaction — new projects will have more concentrated engagement needs, and the participation threshold is actually lower. During periods of tight liquidity, small-scale, frequent interactions are the best window; project teams need data, and we need airdrops.

It is recommended to focus now on new projects that have sufficient funding but high liquidity needs, as they will be more aggressive in offering airdrop incentives. Organize your interaction list, use minimal costs to maximize project engagement, and when the market sentiment truly shifts, your positions will be in place.