The new US administration may announce the Federal Reserve Chair candidate next month. What signals does this send to the crypto market? Many in the market expect that regardless of who ultimately takes over the Federal Reserve, the large-scale liquidity release should not be seen in the short term. This expectation directly affects the performance of altcoins. Taking $PEPE as an example, recent price fluctuations have shown signs of bottoming out and rebounding, but under the macro liquidity tightening expectations, it is not easy for small coins to obtain sustained funding support. Investors are generally on the sidelines, waiting for clearer policy signals and confirmation of the Federal Reserve's direction. In the short term, whether tokens like PEPE can break through this expectation barrier still depends on the actual policy orientation after the new Fed Chair takes office.