Where are Bitcoin and Ethereum headed? The ups and downs actually conceal policy logic. Many people are watching the interest rate cut expectations in January, but market data shows that short-term policy changes do not have a decisive impact on the trend. The real focus should be on the policy windows in March and June next year, as well as the subsequent developments of QE policies.

From a technical perspective, the current market is trapped in a wide-range oscillation pattern. Essentially, this period is a waiting game—waiting for the next interest rate cut cycle to arrive. The problem is that there are several months of gap between now and the implementation of the actual rate cut policy. During this time, what kind of rhythm will the market maintain?

What’s more challenging is the liquidity dilemma. Recently, policy measures have been relatively calm, and the market’s new liquidity has been limited, which exacerbates market uncertainty. In an environment without new funds flowing in, how long can the market maintain its current stability? Before the actual interest rate cut cycle arrives, will there be another opportunity to buy the dip? Or will it decline rapidly due to liquidity exhaustion? These are the questions investors need to consider right now.