#美联储回购协议计划 The Fed's repurchase agreement operations are, to put it simply, a tool for injecting short-term liquidity into the interbank market—this thing is related to the heartbeat of the entire TradFi system.

But there is an interesting phenomenon here: when the Fed decides to expand the repurchase scale, money in the market increases, and both institutions and retail investors start looking for places to put their money. Consequently, some funds flow into high-risk assets like Bitcoin and Ethereum, driving up their prices. Conversely, once the repurchase scale is reduced or stopped, liquidity tightens, and risk appetite decreases—digital currencies, which are highly volatile, are the first to suffer, leading to capital outflow and an increased risk of price correction.

It seems that the two worlds of finance—the central bank-led traditional markets and decentralized crypto assets—should go their separate ways. But in fact, they are not isolated. Through the undercurrents of global capital flows and investors' risk preferences, the two are closely connected. What does this indicate? Even under a decentralized framework, the price performance of digital assets still cannot escape the macro liquidity cycles shaped by traditional central bank policies—that is the reality.