The market has recently been torn apart by two forces: on one side, the increasing uncertainty surrounding Federal Reserve policies; on the other, the revaluation of Ethereum's value as a financial infrastructure.

Data shows that the probability of the Fed cutting interest rates in March has just crossed the 50% threshold, but according to CME forecasts, a decision to hold steady in January is most likely. This kind of wavering alone is enough to trigger volatility in traders' emotions, with each inflation report potentially serving as a market sentiment catalyst. Recent comments from Powell and public statements from Trump have created a certain opposition, and this uncertainty is bringing the turning point of liquidity closer and closer.

But what's happening simultaneously is even more interesting: traditional financial giants like JPMorgan are no longer just observing the crypto ecosystem from afar; they are now directly issuing tokenized funds on public blockchains. What does this indicate? It shows that genuine capital and applications are beginning to flow in. This is no longer just a speculative narrative but a real channel for traditional finance to enter Web3.

So the current situation is— you must choose between two directions:

In the short term, it's policy-driven, betting on whether the expected reversal of rate cuts can trigger a liquidity frenzy; in the medium term, it's technology-driven, waiting for the true implementation of embedded technological applications to reassess their value.

Both lines of reasoning are supported by data and logic. The key is where your time horizon lies.