On the last trading day of 2025, the Federal Reserve staged a "record-breaking liquidity injection," but this liquidity feast failed to create much ripple in the crypto market.

That day, the New York Fed injected $74.6 billion in short-term loans through the standing repo facility, surpassing the previous record of $50.35 billion. Of this, $31.5 billion was used for U.S. Treasuries, and $43.1 billion was allocated to mortgage-backed securities. The figures look astonishing, but the market's reaction was surprisingly subdued.

Industry insiders generally believe this is merely routine end-of-year regulatory settlement and balance sheet adjustment, a technical operation rather than a warning of systemic liquidity crisis. Some analysts even pointed out that if the Federal Reserve does not re-enter as a marginal buyer of short-term U.S. debt, market pressure could be even greater.

Meanwhile, the overnight reverse repurchase facility absorbed $106 billion, reaching a new high since early August. This indicates that liquidity is not collapsing but rather being redistributed among markets.

In contrast, in the crypto space, although discussions are lively, the price performance remains unusually restrained. Bitcoin continues to fluctuate narrowly between $85,000 and $90,000, with trading volume and volatility both at low levels. This actually signals that purely short-term liquidity operations are not enough to trigger risk asset chasing.