#美联储政策走向 Seeing the news that BitMine has accelerated its holdings by 1.38 million ETH this week, my first reaction is: the actions of institutions are indeed worth following. The growth rate has increased by 156% compared to last month, and the logic behind this is clear—Fed policy shift, Fulu-Osaka upgrade implementation, and the reduction of clearing risks. These catalysts combined signal that institutions are becoming bullish on Ethereum.

But I have to be honest here, from a following perspective, the positioning decisions of large institutions are completely different from our trading rhythm. They think in terms of quarterly dimensions, while we need to pay attention to the market reaction to the Fed's interest rate decision on December 10, short-term funding changes, and also guard against profit-taking after news releases.

In such a market, I generally handle it like this: choose traders who are sensitive to macro factors and have strong execution to follow, but be more conservative with the allocation. Expectations of Fed policies are often easily digested in advance, and the real incremental market may occur when there is a discrepancy in expectations. The increased holdings by institutions give us a psychological bottom line, but it should not be an excuse to chase high prices.

It is recommended to follow traders who have both long-term allocation thinking and the ability to capture short-term rhythms, as they can usually achieve the smoothest curves in macro-driven markets.