Last night, the financial world was a bit lively. Two pieces of news came one after another, one about a major player in traditional finance, and the other related to market liquidity. Together, they seem to tell the same story.

First, let's talk about Goldman Sachs. A figure was revealed in their 13F filing—$1.7 billion worth of Bitcoin ETF holdings. Although it was later confirmed that the actual size is in the tens of millions of dollars, the key point isn't the number itself, but the name. Goldman Sachs appearing in Bitcoin's institutional holdings symbolizes far more than the actual amount. The smartest group on Wall Street has already stepped into the spotlight through fully compliant channels.

Following that, a move by the Federal Reserve drew attention—injecting $105 billion of liquidity into the market overnight. Media described it as "the largest post-pandemic scale," which sounds astonishing, but in reality, it's a routine short-term adjustment and not a signal of massive easing. However, when these two events happen simultaneously, things get interesting.

Breaking down into three levels of change:

First, the institutional pass has been issued. Top investment banks betting on Bitcoin are directly giving the green light to other traditional funds. Second, the market's sensitivity to liquidity is increasing. The Fed's one hand tightening and the other loosening creates a balancing act that makes market nerves more tense. Third, Bitcoin's role is being reshaped—from a risk asset among retail investors to a tool for large institutions' allocations.

The influx of institutional funds rewrites the game rules, while changes in liquidity expectations determine the pace.