The scale of the Federal Reserve's reverse repurchase operations 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 that the funding pressures faced by the banking system are rising. The Federal Reserve provides overnight financing to financial institutions through reverse repurchase tools to help stabilize short-term interest rate markets. For cryptocurrency investors, the Federal Reserve's liquidity policy has always been an important reference indicator influencing risk asset allocation.