The recent round of Federal Reserve policy signals has caused some turbulence in the entire crypto market. Many are speculating whether this will become a turning point for ETH and the entire crypto space.

First, look at the latest CME interest rate futures data. The probability that the Federal Reserve will keep current interest rates unchanged in January next year has already exceeded 75%. What does this number mean? Simply put, the market's recent gains were not just wishful thinking but an early digestion of the Fed's policy direction.

Even more interesting are the recent statements from Fed official Williams. He clearly pointed out that the main goal of discussing rate cuts now is to prepare for the policy framework in 2026, and the cooling of the labor market is the most direct signal. This indicates that the rate hike cycle has basically ended, and the focus now is on whether economic data can open the door for rate cuts. For crypto assets, a low-interest-rate environment usually directs funds toward higher-risk, higher-return areas, and ETH and other digital assets have always been the main targets of such profit-seeking capital.

But the story is never that simple. Just after the Fed released dovish signals, Trump immediately came out to complain that the rate cut was not aggressive enough. Meanwhile, regulators are also frequently speaking out, hinting that cryptocurrencies might become a key focus this year. These contradictory signals can indeed confuse and panic novice investors.

However, from another perspective, when policy levels are highly focused on a certain area, it precisely indicates that the strategic importance of that area is rising. Policy attention does not equal policy suppression; sometimes it marks the beginning of normalization. For long-term supporters of ETH and the Web3 ecosystem, this moment is actually a good time to stay calm and patient.