#美联储货币政策 Noticed that Trump has once again increased his criticism of current Federal Reserve Chair Powell. From on-chain data, recent dollar liquidity has tightened somewhat, which may be related to market concerns over the Federal Reserve's policy uncertainty. It is recommended to closely monitor the capital flow of major institutional investors, especially the minting and redemption of stablecoins, to gauge changes in market expectations for the Federal Reserve's policy. Additionally, pay attention to changes in on-chain derivatives contracts, particularly those related to hedging inflation risk. In the coming period, the direction of the Federal Reserve's monetary policy could become one of the key factors influencing the crypto market trend.