After the Free Plan was shelved, the liquidity narrative in the crypto market has changed

The suspension of the "Free Plan" is not just a minor episode in U.S. domestic policy, but a sudden brake on global liquidity expectations. This plan was originally intended to stimulate consumption potential and curb inflation by lowering oil prices, paving the way for risk assets to rise. Bitcoin previously surged above $80,000, which was a product of this logical chain. However, the explosion in Fujairah overnight brought the inflation ghost back to the surface. When energy supply once again becomes a geopolitical bargaining chip, the low-inflation illusion is shattered, and the market is forced to reprice the likelihood of rate hikes. For the crypto market, this means the liquidity easing story has been shelved. We observe that the funding rates in the derivatives market have already shown signs of cooling, and smart money is reassessing risks. Before the "Free Plan" is explicitly resumed, Bitcoin's attempt to climb higher from this position is becoming more difficult.
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