When news bombarded us in the early morning, many recalled the crypto frenzy of 2020. The Federal Reserve conducted $16 billion in overnight repurchase operations, and the market comment sections immediately erupted—voices of "full position" flooded in. Some seasoned traders, reminiscing about Bitcoin's rise from $3,800 to $69,000, chewed over the memories repeatedly, while new entrants clenched their fists, ready to buy the dip.

But a cold splash of water is necessary here: what seems like good news is actually a carefully orchestrated harvest feast by institutions.

The key point lies here. This round of liquidity injection is fundamentally different from the unlimited QE of 2020. Back then, the economy was directly shut down, and the Fed was genuinely "saving the market." Liquidity flooded in like a dam breaking, causing stocks and crypto assets—any asset with an intrinsic value—to surge together. Now? The banking system is merely under some liquidity pressure; the Fed's repurchase operations are more like adding a bit of lubricant to the machinery to prevent jams. The nature of the situation is completely different.

What's even more interesting is that the data itself is speaking. Bitcoin, hovering around $87,500, is oscillating without much volatility—appearing solid on the surface but actually quite虚. Spot Bitcoin ETFs have experienced four consecutive weeks of outflows, totaling $1.2 billion.

This is quite ironic: on one hand, the Fed is quietly injecting liquidity; on the other, institutions are calmly selling during public cheers. These two forces seem aligned in direction but are actually doing completely opposite things. Behind this lies a market logic that has been rewritten—no longer following the old script of "liquidity injection equals broad rally."