President Trump today reiterated at the White House that the Federal Reserve Chair change will lead to significant rate cuts. It sounds exciting, but the market reaction has been lukewarm—after the recent rollercoaster, everyone seems a bit immune.

I looked into historical data and found a painful pattern:

In 2019, the Fed cut rates three times in a row, and Bitcoin dropped from 14,000 to 7,000. During the emergency rate cut in March 2020, Bitcoin fell 50% in two days. It seems that rate cuts not only fail to boost the market but also trigger panic.

So what truly pushed Bitcoin from 3,000 to 69,000? It was the unlimited liquidity injection in March 2020. This is crucial—**rate cuts and liquidity injections are two different things**. Rate cuts concern interest rates, while liquidity injections concern the supply of money. The market needs cash, not cheaper loans.

Now everyone is anxiously waiting for macro policies to loosen the gates, but in fact, another form of "resource flow" has already begun. Instead of waiting for policy dividends, it's better to look at projects that are creating real value—truly directing resources to where they are needed. Every step is about balancing subtraction and addition.

While waiting for market trends, some are creating the trend.