The Fed's actions last night immediately stirred up the market. On one hand, they announced a 25 basis point rate cut to the 3.5%-3.75% range; on the other hand, they suddenly launched a government bond purchase program. These seemingly contradictory moves were executed simultaneously, sparking immediate market discussion.

Let's first look at the rate cut. The rate reduction itself is not surprising, but the internal division within the committee is interesting—out of 12 voting members, 3 opposed the decision on the spot. Even more intriguing is the dot plot data, with nearly half of the members believing that rate cuts are unnecessary at this point; their projections suggest there might only be one more rate cut remaining by 2026. Powell talks about "preventing an economic downturn," but in practice, he's quite cautious, especially since inflation is still high at 2.8%.

The real blockbuster is liquidity. The Fed suddenly announced the initiation of short-term government bond purchases, with an initial round of $40 billion. This is equivalent to opening the floodgates early, injecting confidence into the market heading into the end of the year. For the crypto market, ample liquidity is like gasoline—this move directly fuels the rally.

On the employment data front, things look a bit strange. In November, 64,000 new jobs were added, which seems decent, but the unemployment rate jumped to 4.6%. Even more exaggerated, October's data was revised downward by 105,000 (officially blamed on the government shutdown). This divergence in data actually makes the market more confident that rate cuts will continue next year.

Historically, whenever the Fed starts a liquidity cycle, Bitcoin has never been absent. The combination of "rate cut + balance sheet expansion" effectively lowers the cost of funds while increasing market ammunition. Although inflation concerns remain, liquidity improvement is now an undeniable fact.

Currently, Bitcoin is oscillating around $70,000, while Ethereum is also building momentum. With liquidity support and technical catalysts, doesn’t this story sound a bit familiar? There’s still over a month until December. Do you think this policy support can push Bitcoin above previous highs, or has the positive sentiment already been priced in? What are your thoughts on the market rhythm?