The recent battle for the Federal Reserve Chairmanship has become a key focus in the crypto market. The Trump team has identified four candidates, including former White House economic advisor Hassett, current Board member Waller, and Goldman Sachs executive Riedel. The logic behind the candidate list is quite clear—those with the most dovish policy tendencies are more likely to be favored.

From a policy perspective, Trump's demands are unambiguous: significantly cut the federal funds rate from the current above 3.5% to create favorable conditions for economic growth and asset prices. Once political appointments truly dominate the Fed's monetary policy direction, it means the traditional independence framework of the central bank will be reshaped. The logic of financial markets is straightforward—an increase in the money supply and a decline in real interest rates often first impact risk assets.

From a liquidity standpoint, the scope of this change is beyond imagination. Large-scale monetary easing typically boosts valuations across various assets, and Bitcoin, as a liquidity-sensitive asset, has always been a leading indicator of macroeconomic changes. Ecosystem tokens with low gas fees and related concept tokens could benefit from this wave of expectations trading.

However, there is also a deeper issue lurking here: will a flood of cheap dollars into the financial system long-term weaken the credibility of the dollar? Is it driving asset bubbles higher or truly initiating a new cycle? This depends on whether subsequent economic growth can keep pace with liquidity. In any case, holding core assets and closely monitoring personnel changes at the Federal Reserve has become a consensus among rational investors.