#美联储回购协议计划 The performance under the current macro background is worth following. With changes in the Federal Reserve's liquidity policy, many traders are speculating the next cycle of the crypto market. Historically, loose repurchase protocol arrangements tend to release market liquidity, which provides support for the valuation of risk assets. The question is, when exactly will this anticipated bull run unfold? Market participants have differing views. Some believe that the lag effect of the policy shift will become apparent in the next two to three months, while others take a more conservative stance, feeling that further observation of fundamental signals is necessary. Regardless, the technical and funding aspects of key coins are gradually accumulating momentum, leaving room for imagination for a rebound in the short term. As for the initiation of a larger bull market cycle, it still depends on the actual scale of liquidity injection and the turning point of market sentiment.