#美联储回购协议计划 Is 2025 a time to be bullish or bearish? My judgment is quite straightforward - bull run. The fact that Bitcoin is heading towards $120,000 is right there. But the real test has just begun, what will 2026 be like? We need to let the data speak.

Take a look at the performance of $ZEC, and then compare it with the movements of $ETH and $BTC; the market sentiment is already very clear. However, there is a bigger logic behind this - the Federal Reserve's repurchase agreement plan is reshaping liquidity expectations, which should not be underestimated in its impact on the entire crypto asset allocation.

Short-term bullish sentiment is one thing, but the mid-term policy environment is the decisive factor. The actions of the Federal Reserve directly relate to the inflow and outflow of institutional funds, and indirectly affect the valuation logic of assets like $BTC.

I would like to hear everyone's thoughts? See you in the comments.