Recently, many people have been discussing that the Federal Reserve has loosened its policy again. Should we consider entering the market to buy the dip in cryptocurrencies? Honestly, this is a significant misinterpretation of the FOMC minutes.

I have spent a lot of effort studying Federal Reserve policies, and I have a core discovery: you can't just look at what the Fed does; you need to understand what they intend to do behind the scenes. I have repeatedly studied the December meeting minutes, and the more I look at them, the more I believe the true intention behind this round of actions is worth pondering. The restart of RMP and the lifting of the SRF cap may look like easing, but in fact, they are not signals of monetary loosening. The logic of the crypto market has shifted from "hoping for rate cuts" to "adapting to policy stagnation." Investors who fail to understand this are likely to suffer significant losses in subsequent market movements.

Let me break down the three layers of logic here.

**First Layer: The December rate cut was not the start of a trend**

From the details in the minutes, it can be seen that many officials supporting the rate cut were forced to agree. Their logic is simple — they are worried about risks to the employment market, so they reluctantly agreed to a 25 basis point cut. This kind of risk-hedging decision, made under duress, is different from a proactive move to stimulate the economy through rate cuts. One is "this time," and the other is "every subsequent time." Our crypto market's previous rebounds were partly due to falling for this misunderstanding.