The new Federal Reserve Chair is about to take office, and the primary task is nothing more than stabilizing the situation. Just think about what the predecessor was subjected to—who dares to take big risks when a new official takes office? Stability is everything.

From a probabilistic perspective, the new chair is very likely to continue following the established easing cycle. First, secure the position and understand the internal operations; this is the wise choice. Once the foundation is solid, there will be room to adjust the direction.

A more realistic view is that the "independence" of the Federal Reserve Chair is still relative. If the new chair wants to sit comfortably, they cannot be too far from the expectations of the top leadership. Therefore, subsequent policies are almost certain to align with the support of the upper levels. For the global financial markets, what continuous easing of liquidity means is well understood. This provides significant support for the funding environment of the cryptocurrency ecosystem.