The signal of interest rate cuts released by the Federal Reserve has ignited market expectations for liquidity. The real question now is not whether the water will come, but where this round of incremental funds will go — will they choose long-term allocation or short-term trading?

From a macro cycle perspective, policy liquidity turning points often reshape the asset allocation landscape. As a highly sensitive asset class, the crypto market tends to be the first to reflect capital flows. The key now is to determine whether this round of funds is entering a strategic deployment phase or just a short-term trading opportunity. This decision influences your position strategy and risk management approach. It is recommended to pay attention to the pace of subsequent policy implementation and changes in on-chain data.