#美联储政策与经济指标 Recent policy movements of the Federal Reserve have attracted attention. Trump frequently pressured Powell to cut interest rates, reflecting dissatisfaction with the current rate levels. From on-chain data, changes in Federal Reserve policy expectations have indeed affected capital flows. Recently, the minting volume of stablecoins has increased, possibly indicating that some funds are observing the market. However, it is difficult to judge the actual policy direction based solely on politicians' statements. More importantly, close attention should be paid to changes in economic indicators such as employment and inflation, as well as the wording changes in the FOMC meeting minutes. These are the key factors influencing Federal Reserve decisions. It is recommended to continue tracking the capital flows of institutional addresses to grasp the true reactions of large investors to policy expectations.