The Federal Reserve's reverse repo operation scale has dropped to a four-year low, accepting only 57.2 billion dollars. This directly reflects the subtle changes in market liquidity.

I think this signal is quite ambiguous, especially when combined with Trump's reiteration that interest rates should be lowered to 1%, and Goolsbee emphasizing the independence of the Federal Reserve. It is clear that monetary policy is hovering on the edge of easing.

Yesterday, the open interest in ETH futures reached a new high of 35.5 billion dollars, with leverage piling up significantly. If interest rates are lowered, the shorts on BTC and ETH are likely to get squeezed hard.

Moreover, USDC has newly minted 250 million coins, coupled with the USDC promotional collaboration with Squads and Coinbase, the expansion of stablecoins is accelerating into the crypto market.

In my personal opinion, this move could push BTC towards 130,000 dollars by the end of the year. I suggest keeping an eye on the Jackson Hole annual meeting next week; that's where the real playbook is.