#美国消费者物价指数发布在即 The latest moves by global asset management giants are worth paying attention to: when trillions of dollars in capital speak in the room, policymakers must listen.

Recently, discussions around the Federal Reserve's interest rate policy have intensified, with the capital camp exerting pressure—reducing borrowing costs has become a market consensus. The logic behind this is not complicated: in a high-interest-rate environment, risk assets lack liquidity support, and market sentiment remains subdued.

💡 The current state of the three-layer game:

**Capital vs. Central Bank**: Large asset management institutions have been outspoken—current interest rate levels are suppressing market vitality. Their stance is clear: liquidity exhaustion is not in anyone's interest.

**Politics vs. Central Bank**: Two forces are exerting pressure simultaneously, putting central bank decision-makers in an unprecedented dilemma—the balance between independence and market pressure is becoming increasingly fragile.

**Market Participants' Expectations**:

Once rate cut expectations materialize, risk assets will be the first to be re-evaluated. As the most liquidity-sensitive sector, the crypto market could become the first stop for spillover funds. If this pressure ultimately leads to policy stalemate, market volatility will rise significantly, and Bitcoin's role as a safe-haven asset may be reactivated.

An even more extreme scenario—if policy adjustments ultimately reignite inflation expectations, it will involve a re-pricing of the entire market. The value system from traditional safe havens to crypto assets will be disrupted.

🎯 Core Logic:

This is not just a rate decision meeting. It is the convergence point of capital, political forces, and independent central banks. Every change in policy signals could be a key trigger for the market narrative shift in 2025.

On-chain data is recording all of this—changes in stablecoin liquidity and large BTC holdings reveal how big funds are positioning themselves amid this uncertainty.