The recent happenings in the financial world are becoming increasingly surreal. While everyone is still complaining about a few cents increase in daily necessities, JPMorgan Chase has quietly shifted $350 billion out of the Federal Reserve's short-term deposit tools, turning to US Treasuries. This bank has pulled nearly 70% of the market’s capital, firmly establishing itself as a major player in finance.

Why the sudden urgency? The underlying strategy is quite clear—it's about catching the last window of high interest rates. The Federal Reserve's rate hike cycle is nearing its end, and expectations for rate cuts are growing stronger. Taking advantage of the current high rates, they convert liquidity into high-yield government bonds to lock in stable returns for the coming years. When rate cuts actually happen, new bond yields will likely decline, and early positioning will be profitable.

In contrast, those financial institutions that blindly followed the trend and rushed into bonds at the peak of interest rates are now deep in losses. One preemptively positioned, the other reacting passively—this is where the gap emerges.

Interestingly, the Fed’s "free interest" policy is now facing considerable skepticism. Is it smart financial arbitrage, or a flaw in the system itself? The answer is always there behind each rate fluctuation. The flow of funds in the crypto market is often closely related to these macroeconomic environments.