Global Crypto Liquidity - Uncontrollable → Overall liquidity assessment: Neutral to slightly tight (slightly improved compared to last week) This week, liquidity signals showed subtle changes: the 10Y US Treasury yield slightly fell from 4.29% to 4.27%, and the Fed's balance sheet recorded a rare +$17B weekly increase (possibly related to the pace of reinvestment upon maturity). Together, these factors provided marginal easing signals. M2 continues to show a moderate expansion trend. ⚠️ FOMC meeting coming up (3/18-19): This Wednesday-Thursday's rate-setting meeting is the biggest short-term catalyst. The market broadly expects rates to remain unchanged, but the dot plot and Powell's wording on the inflation impact of the Middle East war will determine the subsequent path. If the expectation of two rate cuts within the year is maintained, liquidity expectations will further improve. Neutral to slightly tight, slightly improved compared to last week.