At the end of the year, liquidity is facing a critical test. The Fed is scheduled to launch a $6.8 billion repurchase operation tonight at 10 PM (Beijing time, December 22), which is equivalent to 47.5 billion RMB.

From recent trends, the Fed has injected a staggering $38 billion in just 10 days. The year-end period has always been a key phase for liquidity management, and the funding situation for various assets will change accordingly. This series of operations is clearly preparing for market stability during the year-end period.

For participants in the crypto market, such a shift in macro liquidity often reflects in trading enthusiasm and price fluctuations in advance. Keeping a close eye on tonight's specific operational data and market reactions can help us better understand the logic of short-term capital flows. Changes in the funding situation have always been the pulse of the market.