#美联储重启降息步伐 Delphi Digital recently released a tracking report, marking its credibility at 90%—this isn’t just a random number. This top-tier institution has been closely watching the Fed's money supply, and now they’ve given a key signal: liquidity is coming back.

Let’s look at two core indicators. The balance of the Reverse Repo Program (RRP) is almost depleted, the Treasury General Account (TGA) is continuously releasing funds, and on top of that, Quantitative Tightening (QT) is nearing its end. These three signals together point in the same direction—the Fed is very likely to stop draining liquidity and start injecting money into the market within the next six months.

Why does this matter? Because changes in marginal liquidity are often the underlying driver of risk asset trends. When central banks shift from tightening to easing, the overall cost of capital decreases and risk appetite recovers. For the crypto market, this isn’t just a short-term hype topic; it’s the macro foundation for whether the bull market can continue.

$BTC Assets like these are extremely sensitive to liquidity. If this trend is confirmed, the upcoming market move may not just be a technical rebound, but a large cycle supported by real capital inflows. Of course, policy shifts take time to be validated, but the direction is becoming increasingly clear.