#美联储货币政策 Arthur Hayes says liquidity hit bottom in November, and now the crypto market may really turn around. The previous period was indeed tough, with various projects facing runs. Now, signs of a gradual recovery are emerging, and it feels like market sentiment is quietly improving. However, we still need to see what the Federal Reserve does next; if monetary policy continues to loosen, it will truly open the window for a rally. For now, it's just a matter of waiting and watching for that turning point.