#美联储降息政策 The big retreat at the end of the year has revealed the true face of the market. BTC spot ETF saw a net outflow of $348 million in a single day, and Ethereum fared even worse, losing funds in just seven and a half days. This is not a technical issue; it's an emotional one—retail investors are panicking, and institutions are watching from the sidelines.

Interestingly, the Federal Reserve has injected $74.6 billion in liquidity, reaching a new high since the pandemic. On the surface, it appears to be seasonal management, but in reality, it is paving the way for rate cuts in 2026. This gives me an important reference: if monetary easing truly arrives, risk assets will regain their attractiveness.

Recently, I have been adjusting my copy trading strategy, with two main changes:

**First, re-evaluating the allocation logic.** Previously, I had a higher proportion of aggressive positions, but now I am reducing their weight. The reason is simple—when the entire market is in "extreme fear," aggressive traders' stop-losses are triggered frequently, making it very likely to be caught in a downturn following them. I now prefer to follow those with low frequency but high win rates, the more stable traders. Although their individual gains are not as eye-catching as aggressive traders, they help control account drawdowns.

**Second, paying attention to signals of the Federal Reserve's policy shift.** From expectations of rate cuts to actual easing, there are many variables in between. I am monitoring indicators like government bond demand and banking financing pressures. Once these signals confirm improvement, I will quickly increase my allocation to trend followers.

Historically, periods of extreme fear often give rise to reversals, but only if you survive until that moment. Stop-losses are always more important than bottom-fishing.