Has anyone noticed this recent wave of bizarre sentiment reversal?

That Goldman Sachs panic index was still hovering near historical highs three weeks ago, but now it has dropped straight into the low range. This kind of rollercoaster fluctuation is definitely not caused by retail investor sentiment alone.

To put it plainly, the Fed is the real "steering wheel." As soon as monetary policy sends out even the slightest signal, market sentiment immediately shifts, and fundamentals don’t even have time to react.

A lot of people watch the candlestick charts for ups and downs, but what they really should be watching is the slightest movement in policy. At this stage, every statement from the Fed can directly drive the trend of risk assets, and $BTC is no exception.

Market sentiment has never been the protagonist—policy is the invisible string pulling everything.