The rules of the game have changed.

The water pump that has been running for three years finally stopped tonight. The Federal Reserve's tightening cycle has officially come to an end.

This is not a mild policy adjustment—this is an abrupt halt to a global monetary experiment. For the past 1095 days, we have watched liquidity evaporate bit by bit, and every rebound felt like a dream, only to wake up and find we are still at a standstill. Now, the game host suddenly announces a change in the rules.

But don't rush to cheer.

History tells us: central banks will not loosen their grip for no reason. When the gates of liquidity are reopened, money will not first knock on the door of the stock market; it will first seek out the most flexible, most aggressive, and most perceptive battlefield.

That's right, it's the cryptocurrency market.

The next round of the market has already gathered in the shadows. Is it a quick rally? A choppy consolidation? Or a dual-direction breakout? The script is not finished yet, but the stage lights are already on.

From "tightening" to "loosening", this is not just a change in interest rate numbers, it is a complete redraw of the liquidity map. And with every redraw of the map, some people become wealthy, while others face liquidation.

What should we do now?

Throw away those old narratives that have been shouted countless times, keep a close eye on your candlestick charts, pay attention to the movements of on-chain large holders, and take note of the minting data of stablecoins. The night before liquidity returns is always very quiet, but that doesn't mean nothing is happening.

Open your eyes.
The wind has changed, and the game has restarted.