#数字资产动态追踪 Last night, the Federal Reserve injected a total of $105 billion in a single day, the largest since the pandemic began. The numbers look alarming, but the logic behind this "market rescue" is actually more complex than most people understand.

This is not the start of money printing, but an overnight repurchase operation—a liquidity injection into the banking system by the Federal Reserve. Why are banks so short of funds? End-of-year settlement cycles, government bond issuance, market volatility—these factors stack up, making short-term funds scarce. Some banks prefer to keep their money at the Fed earning interest rather than lend it out to the market, indicating signs of congestion in the financial capillaries.

What does this mean for the crypto market and risk assets?

First, this is a defensive move, not an offensive one. The primary goal of the Federal Reserve is to stabilize interest rates and prevent financial system deterioration, an emergency measure. It lays the groundwork for the entire risk asset market by ensuring that liquidity is no longer tightening. But—and this is the most important but—do not interpret this as a bullish signal. A genuine upward cycle requires the Fed to signal a substantial rate cut or restart large-scale asset purchases.

What should we pay the most attention to next? Keep an eye on the SOFR rate trend and the Federal Reserve's balance sheet movements. If this large-scale injection becomes routine rather than an emergency measure, that would be a true sign of a shift towards easing monetary policy. Historical experience shows that frequent "firefighting" by the Fed often implies deeper structural risks. Stabilizing the present is necessary to see the next direction clearly. $BTC $ETH