Powell has just been kicked out, and while Wash hasn’t officially taken the chair yet, the financial markets have already started to lose control.

The 10-year U.S. Treasury yield has surged to 4.6%. A rate cut in June is completely off the table, and even some people are quietly betting on rate hikes.

And what about you? Still scrolling Twitter, waiting for “Wash to call Bitcoin”?

Do you think the Fed changing its chair is a turning point for the crypto market?

Wrong.

The Fed has never been your friend—nor Powell’s friend, nor Wash’s friend.

It’s a machine. A machine built to uphold dollar hegemony, willing to crush every risk asset without hesitation.

When Powell was at the helm, at least this machine would occasionally stutter—for example, when Silicon Valley Bank blew up, forcing it to loosen policy to save the market, and you even got a taste of the gravy.

But who is Wash?

He’s a true believer of this machine.

He doesn’t stutter. He doesn’t hesitate. He doesn’t flirt with the market. His catchphrase can be condensed into one line:

“Inflation is the tyrant, and interest rates are the only knife.”

You think he’ll be gentle with crypto?

He wouldn’t even be gentle with the U.S. stock market—let alone that dog coin you’re holding that swings 20% in a single day.

Two governors nominated by Trump have publicly opposed Powell’s “indefinite” stay.

It looks like internal conflict, right?

Actually, no.

Think about it: Wash hasn’t even officially held the meeting yet (the first FOMC is on June 16-17), but people in his camp have already begun publicly challenging the transition period.

That means Wash taking office immediately puts him at a disadvantage.

A weak Fed chair, with inflation still above 3%, U.S. bond yields surging, and the market starting to price in the risk of rate hikes—what would he do?

He’ll be more hawkish. More ruthless. Less willing to relax.

Because he has to prove to everyone: I can control the room.

And the first thing this fire burns is risk assets.

Your Bitcoin. Your altcoins. Your leveraged contracts—everything becomes kindling.

Before June, there are only two paths:

1. Rate-cut expectations are completely shattered → liquidity keeps getting drained → BTC will most likely retest the 60,000–70,000 range.

2. The tail risk of rate hikes becomes reality → even if it’s just one 25bp hike → the alt season turns into an alt sacrifice.

Don’t tell me, “Wash is from Wall Street—he understands crypto.”

He understands, but he doesn’t care.

Wall Street politicians are best at smiling as they move the money from your pocket into someone else’s. #Gate广场五月交易分享 #CLARITY法案参议院通关 $BTC $ETH