#美联储政策影响 The change in the chair of the Fed actually has a profound impact on the macro environment of the entire crypto market. My first reaction upon seeing this news was that changes in policy expectations often trigger massive capital flows, which is the key window to understanding the opportunities in the Web3 ecosystem.

Let’s break down the logic: If Hassert comes to power, U.S. Treasury bond yields and the dollar may first decline and then rise. What does this mean? In the short term, liquidity will be relatively loose, which usually increases the attractiveness of risk assets—including encryption currencies. In the long term, the expectation of a stronger dollar will return, but this does not mean that crypto assets will lose value; rather, it is a moment to test the truly strong projects based on fundamentals.

This reminds us of an important fact: Web3 is not an isolated entity that fights against macro cycles, but an ecosystem that interacts and complements traditional finance. Truly high-quality DeFi protocols, DAO organizations, and SocialFi projects are essentially building a more transparent and efficient financial infrastructure, and regardless of how the Fed adjusts its policies, these underlying values will not change.

Now is a good time to deeply understand the fundamentals of the projects you invest in and care about, rather than being led by short-term policy expectations. The future belongs to those Web3 builders who can stay clear-headed during cycles and continuously create value.