Recently, a power struggle has erupted in the United States at the political level. In early January, Trump finalized his candidate for the new Federal Reserve Chair, and the position of Treasury Secretary Baitz has become quite firm. This is not just a personnel reshuffle but rather a reformatting within the system.

The Treasury Department is attempting to dismantle the long-term model of the Fed's independent operation by directly intervening in decisions regarding QE and QT. Currently, the two most likely candidates are Kevin Hasset and Worsh, and it is widely believed in the industry that after the appointment of the new Chair, policy will shift from "massive injections" to a more targeted course — lowering interest rates in cooperation with the White House and controlling liquidity levels to reduce the gap between the rich and the poor.

What does this mean for the cryptocurrency market? The key factor is the change in liquidity expectations. If the rate-cut cycle accelerates and the pace of balance sheet reduction increases, market liquidity volatility will significantly rise. Crypto assets, being the most risk-sensitive category, typically react most sharply to such policy changes. In recent years, the Fed's independence allowed for predictable decision-making, but now Treasury intervention will add uncertainty.

The macroeconomic picture for 2025 could be rewritten due to this power reboot. Shifts within the system often cause large fluctuations, and for traders closely monitoring political trends, this is an important point to watch continuously.