#美联储利率政策 The Federal Reserve has started pumping liquidity again, injecting 38 billion over 10 days, and today they will add another 6.8 billion. When I saw this news, my first reaction was not celebration but a warning bell.

This is the lesson I’ve learned in the crypto world—every time easing policies are announced, the market starts to tell stories. Whether it's "ample liquidity benefits risk assets" or "the Fed’s bottom line to support the market," all kinds of voices flood in, and FOMO emotions are instantly amplified. But the real question is, will this money truly flow to us? Or will it just circulate among Wall Street and big institutions?

Repurchase agreements sound fancy, but they are basically banks borrowing from the Fed when they lack funds. I’ve heard this reason for liquidity tightening at year-end too many times, each time accompanied by frantic price manipulations by project teams and whales. How many people have jumped in on such "good news" only to get trapped later?

The key is to face reality: the Fed’s easing policies may help market sentiment, but they shouldn’t be the reason for you to go all in. In times like these, you need to stay calm, identify which projects have real demand and which are just hype or riding the trend. Projects claiming "buy me because liquidity is ample" are often the most dangerous.

The logic for surviving long on-chain is simple: don’t be blinded by macro narratives, first ask yourself if what you’re buying has real value.