After the release of the US Q3 GDP data, the market reaction was unexpected. Although the figures looked impressive, the use of annualized quarter-over-quarter calculations inherently amplifies effects, leaving room for subsequent revisions. Ironically, on the day of the data release, US stocks actually declined, with market concerns surprisingly centered on "robust economic growth potentially delaying rate cuts."

The turning point came quickly. Policy makers immediately sent a strong signal: no matter how good the economic data, easing must continue, rate cuts cannot stop, and inflation issues are temporarily set aside. This attitude breaks traditional economic logic—usually, strong GDP should support rate hikes rather than cuts.

In this macroeconomic context, market signals began to become chaotic. The RMB exchange rate approached a key support level, while commodities like gold and copper hit new highs. All these phenomena point in the same direction: liquidity expectations are being re-priced.

What does this mean for the crypto market? Volatility opportunities for Bitcoin and Ethereum are brewing. An easy monetary policy environment has always been a fertile ground for risk assets, but only if market participants truly believe this round of rate cuts will continue. The confusion in policy signals may instead bring more trading opportunities and risks.

It’s worth pondering how much of the traditional market playbook still applies. When policy logic subverts conventions, can the liquidity-driven upward cycle arrive as expected, or does it require more validation?