In the final months of 2025, the market witnessed a significant policy shift. The Federal Reserve ended a three-year aggressive rate-hiking cycle and shifted towards quantitative easing — this was not just a policy tweak but a fundamental strategic adjustment.

Looking back, the Federal Reserve repeatedly emphasized that inflation was merely a "short-term phenomenon," viewing the 2% inflation target as a sacred goal. But harsh realities shattered these expectations: global supply chain disruptions, soaring energy prices, and cost-push inflation heated up, with CPI approaching 9%. To control prices, the Fed jumped from zero interest rates directly to 5.5%, the highest level in over twenty years.

The costs are evident. Economic growth slowed significantly, the real estate market stagnated, and risks within financial institutions were exposed. Institutions like Silicon Valley Bank and Signature Bank failed one after another, widening cracks in the banking system's credit. Meanwhile, upward pressure on unemployment increased, the stock market came under pressure, and government debt continued to rise.

Under multiple pressures — Wall Street's voices, Congress's opinions, public demands — the Federal Reserve ultimately compromised with the market. How this policy reversal will impact the crypto market and the global financial landscape remains to be seen. History often repeats itself with a certain rhythm, and this time, the outcome remains to be seen.