The current market situation is easier to understand when viewed within the context of a larger era shift. On one hand, the market is still living in the old narrative of imminent rate cuts and liquidity returning. On the other hand, the reality is that rate cut expectations are swinging back and forth, Congress has only passed half the funding, and the risk of a government shutdown is back on the table. When Trump made his statement about the Fed Chair appointment, it didn’t meet expectations. That sharp move in the crypto market was essentially the direct clash of these two era narratives. If Congress gets stuck again before January 30, and liquidity dries up, risk assets will definitely take a hit. It wouldn’t be surprising to see a repeat of the path from last December. Trading contracts right now isn’t about betting on direction—it’s about surviving in the cracks between the old liquidity era and the new era of uncertainty. Remember: keeping an eye on the news is more important than staring at the candlestick charts.