#美国探讨比特币战略储备 Recently, the crypto community has been buzzing about a topic: how do changes in global central bank liquidity actually affect the rise and fall of the crypto market?

Let's start with what's happening now. China injected 1.32 trillion yuan of liquidity, and the Federal Reserve conducted overnight repurchase operations totaling $22.8 billion. Many interpret this move as a positive signal for risk assets, including cryptocurrencies. Interestingly, this approach is very similar to the Fed's strategy at the end of 2019—after that liquidity injection, a sustained bull market kicked off in early 2020. Coincidence? Or is there a pattern to follow?

With the US S&P PMI data set to be released on January 2nd, this data has become a market indicator. If the reading falls below 51.5, it could dampen market sentiment; if it exceeds this number, it could boost bullish confidence.

Why are central bank actions so important for BTC and Ethereum? The core logic is straightforward: when global central banks release liquidity, some funds seek safe havens or ways to appreciate in value. Mainstream cryptocurrencies like Bitcoin and Ethereum, as well as various altcoins, become targets for these funds. Conversely, when liquidity tightens, the crypto market often feels the pain first. This is not a new phenomenon; history has long validated this logic.

But we need to think calmly here. The environment in 2026 is very different from 2019. Inflation pressures have not fully eased, geopolitical uncertainties are higher, and regulatory complexities are increasing. Relying solely on central bank liquidity injections may not be enough to sustain a prolonged bull market; improvements in economic data and industry catalysts are also needed.

In the short term, liquidity releases by China and the US have indeed provided a foundation for the market. But can this translate into a trend of rising prices? We’ll have to wait for subsequent economic data and the policy pace of various central banks.

For crypto investors, paying attention to changes in the Federal Reserve’s balance sheet and tracking major central bank policies have become essential homework. Are you also monitoring these macro indicators?