I completely agree with Brother Wu's view. Right now, it's not just the cryptocurrency market; the entire risk asset market is under the same logic, with the greatest uncertainty coming from the Federal Reserve's monetary policy.

One of the core reasons for the Federal Reserve's hesitation is Trump's tariff policy. Although there are other factors like tax cuts and geopolitical issues, the transmission path of tariffs is the shortest and directly affects short- to medium-term inflation expectations.

Without considering tariffs, the inflation data from April shows that inflation in the U.S. has already shown a substantial downward trend. Therefore, if we exclude the tariff factor, it would be a normal path for the Federal Reserve to start cutting interest rates in May or June. However, because no one knows whether Trump will make any changes next, Powell is hesitant to act rashly.

Because if he hastily cuts rates and tariffs raise inflation again, Powell might end up regretting it.

Ultimately, the essence of monetary policy is the cycle of switching from tightening to easing and back again. History has repeatedly verified that what truly drives large-scale bull markets is not logic or consensus, but sufficient liquidity.

Whether it's altcoins, small-cap stocks (like the Russell 2000), or high-volatility growth assets, they all rely on the liquidity flood brought about by monetary easing.

In simpler terms, while there may be gains during tightening, it is only during easing that the gains will be even better.

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