#美联储流动性政策 Seeing the Federal Reserve withdraw the 2023 crypto restriction policy, my first reaction is not excitement but caution. On the surface, this seems like good news — banks can participate in crypto activities more flexibly, and the thresholds are relaxed. But I need to remind everyone that policy easing ≠ guaranteed profit opportunity; in fact, it's the most testing time for human nature.

I've seen too many such tricks during previous bear markets. Whenever there’s a policy shift, there’s often a wave of hype about "institutional entry and favorable policies being realized," leading retail investors to follow suit. The result? Being harvested at high levels. The same applies this time — policies are indeed warming up, but it’s crucial to recognize: friendly policies ≠ project reliability, and bank participation ≠ token appreciation.

The key is to see clearly who benefits from this policy loosening. Most likely, it’s those institutions that have long been positioned and have capital advantages. The scattered funds FOMO-ing in often become the final bagholders. I advise everyone to be more cautious now — don’t be dazzled by the "policy shift." The real questions are: Does the project you’re buying have real application? Is the team reliable? Is there significant liquidity risk?

Policies are just external conditions; the core still depends on the project’s quality and your own risk tolerance. Those who have been active on-chain for a long time will never be blinded by policy news.