With the US presidential election approaching, both the financial and crypto circles are paying close attention to a key question—who will be the next Federal Reserve Chair? Don't underestimate this matter; it directly affects how global capital flows, and it's even more critical for the crypto market.

Simply put, the Federal Reserve Chair's interest rate policy is the "main switch" for global capital. When interest rates rise, money tightens, and market liquidity is drained; when rates are cut or money is printed, it's like opening the floodgates, and funds flood everywhere. Emerging assets like Bitcoin and ETH are most sensitive to liquidity. Historical data shows that crypto bull markets and periods of loose global liquidity generally coincide. So, changing the chair could mean a different market trend—your holdings could profit or suffer, depending entirely on how this "big manager" plays the game.

Currently, there are two main scenarios:

**Scenario 1: Powell's Reappointment**
If Biden is re-elected, the probability of Powell serving a third term is high. The market will interpret this as "unchanged policy." The current expectations of rate cuts are unlikely to shift significantly, and the outlook for ETH and Bitcoin will focus more on economic data itself, potentially reducing volatility.

**Scenario 2: A New Chair in the Trump Era**
If Trump wins, he is likely to appoint a "more obedient" person. This new chair would need to align with Trump's economic agenda—low interest rates, a weak dollar, and stimulating exports. Such an easing monetary policy environment is usually good news for crypto assets; abundant liquidity makes risk assets easier to hype.

Whichever scenario unfolds, the market landscape will shift accordingly. Now, it's just a matter of waiting for the dust to settle and seeing who can sit in that chair.