#ETH走势分析 🔥The three hottest letters in the financial world right now: RMP. What’s going on? In a nutshell—it might be the trigger for the “next wave of liquidity.”

Over the past week, all of Wall Street has been focused on one thing: RMP (Reserve Management Purchases). Don’t be fooled by the name. This is by no means a routine operation; rather than a technical adjustment, it’s more like the “official prelude to balance sheet expansion.”

Why interpret it this way? The Fed just stopped quantitative tightening, and immediately a big question popped up in the market: Is it time to start injecting liquidity again? The emergence of RMP is basically a signal to the market: “We’re ready, but we won’t call it QE.”

So how does RMP work? The Fed will keep buying short-term Treasuries. Ostensibly, this is to ensure banks have ample reserves, and the talking points sound very “measured.” But the real effect? Directly injecting liquidity into the market. History has made it clear—every time this kind of operation happens, asset prices never disappoint.

What’s more, some institutions have done the math: If RMP is launched as planned, the Fed’s balance sheet will start expanding again, pumping about $20 billion in liquidity into the system every month. Whether it's stocks, bonds, or digital assets, this kind of push cannot be ignored.

That’s why Wall Street has suddenly gone wild in the past few days. The market’s next bet: RMP is actually a “milder version of QE 2.0.” Once it truly starts, risk assets could see a simultaneous rise in valuations and sentiment.

Now the suspense is right here: What will the Fed choose? Continue with the “technical liquidity management” narrative? Or simply open the window for a new round of liquidity expansion?

Frankly—RMP will be the most important market signal to watch in the coming months. The direction of $BTC $ETH will largely depend on how the Fed plays this next move.