#美联储利率政策 The Fed's recent "hidden QE" operation is quite interesting—$40 billion in reserve management purchases, along with a continued 50 basis point rate cut in 2026. The policy environment is indeed much more dovish than previously expected. Three consecutive weeks of net capital inflows totaling $864 million, especially with Bitcoin receiving $522 million in inflows and short products continuing to flow out, all signal one thing: market sentiment is recovering.

But there's a detail to note—after the rate cut, the price performance on trading days has been somewhat weak, with a divergence between capital flows and market sentiment. This is why copy traders now need to be more cautious in selecting traders: some are good at operating during policy expectation phases, but when liquidity is truly released, they may not keep up.

From a position management perspective, under these dovish policy expectations, I prefer to keep the core positions stable while shifting some risk positions from short-term trading to medium-term holdings. Bitcoin's performance is lagging but its fundamentals are improving, while Ethereum is performing even more strongly. This requires choosing traders with different styles to cooperate. Conservative traders can follow long-term holders, aggressive traders can follow short-term traders, but the key is not to let a single trader's style dominate the entire account.

Experience proves that this policy cycle has just begun, and there is more to watch ahead.