Looking at the latest candlestick chart, I feel a bit discouraged—by 2026, the Federal Reserve might only cut interest rates once. The pace is indeed slow enough to make people anxious.

But on second thought, there is an unexpected surprise: the Federal Reserve originally planned to start Treasury bond repurchases only in January next year, but now it has been moved up to start on December 12. Injecting $40 billion a month, this liquidity can somewhat ease the situation.

Basically, it's a mix of good and bad; the Fed is still using the same Tai Chi approach. How will the market move? We can only watch and wait. For Bitcoin, there might be short-term volatility, but the long-term logic remains unchanged.