The Federal Reserve's reverse repurchase operation scale has increased significantly. In this operation, 16 counterparties received a total of $35.06 billion, nearly three times the $12.22 billion in the previous operation. This rapid expansion of liquidity supply reflects strong market demand for short-term financing and also indicates rising funding pressures on the banking system. The Federal Reserve provides overnight financing to financial institutions through reverse repurchase tools to help stabilize the short-term interest rate market. For cryptocurrency investors, the Federal Reserve's liquidity policy has always been an important reference indicator affecting risk asset allocation.