The Fed's recent "constipation-style liquidity injection" and "muscular withdrawal" operations are simply mind-boggling, a clear "liquidity scam" that reshapes the underlying logic of finance.

The government shutdown, soaring debt, and interbank liquidity turning into a "desert"—the Federal Reserve has launched the BTFP "support" to stabilize the financial market, while using reverse repos to "withdraw" liquidity and prevent overflow. As a result, funds all flow into the S&P 500 and gold, leaving the real economy parched.

Cryptocurrency also shows a "sickbed market" trend, with the fear and greed index at extreme fear, but on-chain stablecoin reserves are bursting, and Bitcoin is hovering at a key resistance level. The market is waiting for the Fed to reveal its hand, with a Christmas market "Schrödinger's" forecast—either a gentle or an aggressive scenario.

For ordinary investors, short-term light positions for the holidays, keeping an eye on the 89,000 level for Bitcoin; mid-term focus on stablecoin movements and SEC new officials' measures; long-term view: QE4 will eventually be implemented, which is the ultimate positive for Bitcoin.

History repeats itself astonishingly—today, the financial underlying logic is collapsing, deepening the divide between traditional and crypto assets. This Christmas, think clearly about asset positioning, re-dividing the ocean—are you surfing or just watching the waves? Like and share, let's dig for profits together!