#美联储政策对市场流动性的影响 has witnessed the rise and fall of countless projects, and I can't help but feel the profound impact of Federal Reserve policies on the market. Looking back at history, whenever the Federal Reserve signals easing, the crypto market tends to rebound like a spring breeze. But this double-edged sword has also caused many projects to fall into liquidity crises.

Now, seeing Tether's movements, it’s as if we’ve returned to the early stage of the 2017 bull market. Many projects back then also bet on rate cuts and heavily bought high-risk assets. As a result, when the Fed’s policies changed, the market suddenly reversed, and many former stars collapsed.

Tether’s actions are undoubtedly walking a tightrope. A 30% buffer seems ample, but the crypto market is constantly changing—who can guarantee it won’t break this bottom line? If it does, a USDT crisis could trigger chain reactions like a domino effect.

History is always remarkably similar. What we need to be cautious of is not to repeat past mistakes in this cycle. Both project teams and investors should learn from previous lessons to build more robust risk management mechanisms. After all, in this rapidly changing market, excessive optimism can often be deadly.