#美联储货币政策预期 Looking back, this situation is not uncommon. Large-scale capital flows triggered by changes in Federal Reserve policy expectations have been seen frequently throughout the history of the digital asset market. Last week, net outflows from digital asset investment products reached $1.43 billion, hitting a new high since March, reminding me of similar scenarios in 2018 and 2020.

At that time, the market fluctuated dramatically due to the Federal Reserve's indecisive policy stance. Especially in March 2020, at the beginning of the pandemic outbreak, the Federal Reserve's significant interest rate cuts triggered severe turbulence in the digital asset market. It now seems that this sensitive reaction to macro policies has become a notable characteristic of this market.

It is worth noting that although Bitcoin experienced a $1 billion outflow, Ethereum showed strong resilience with only $440 million flowing out. This divergence reminds me of the bull market at the end of 2017, when Ethereum also demonstrated relative strength against Bitcoin.

History always repeats itself in different ways. In the long run, this cyclical fluctuation may continue to exist. For investors, understanding this pattern and staying calm may be more important than chasing short-term fluctuations. After all, as we have witnessed in past cycles, the market will eventually find a new equilibrium.