The statement from Bank of America CEO Moynihan can essentially be characterized as a typical expression of 'strong expectations + slow reality.' From the perspective of traditional financial institutions, it conveys two key signals regarding macroeconomics and Federal Reserve policy:

First, the economy will not fall into recession, but don't expect it to be fast.

He said the U.S. will not fall into recession and that growth could reach 1.5% by the end of the year. What does this mean? The fear of a 'hard landing' in the stock market and crypto space is being eliminated, but don’t expect a strong recovery either; the entire economy is in a slow climb. For us, this means an overall rise in risk appetite, but at a slow pace, with sentiment boosted but not exploding.

Second, the Federal Reserve will not act before next year.

He clearly stated that 'there will be no interest rate cuts this year,' which aligns perfectly with Williams' tone, setting a tone for the market—don’t fantasize about liquidity in July or September, we must at least endure until the end of the year. In other words, those 'interest rate cut expectations' that everyone is speculating on should be moderated; don’t price them in too early.

But it’s important to note, Moynihan also said a key phrase: 'Clients seek certainty,' which translates in the crypto world to—**funds prefer certain assets, and clearly defined trends are more popular.** In the crypto space, who represents 'certainty'? BTC, ETH, top blue chips, especially those linked to institutions, will be more favored. As for some meme coins and low market cap projects, there may be short-term heat, but whether they can hold up long-term will depend on increasingly selective funding.

Additionally, he mentioned that the passage of trade agreements and tax bills has brought about 'clear expectations.' Although this seems like a traditional economic topic on the surface, it also represents a reduction in systemic risk and a stabilization of market sentiment, which is a favorable background for risk assets. Especially under the premise of the Federal Reserve not raising interest rates, maintaining high rates while improving market conditions, this 'stable tight money' instead provides a nurturing ground for slow bull assets.

To summarize the views:

Increasingly hawkish tones: don’t expect interest rate cuts to save the market in the short term; market rhythm is slow;

The economy is not in recession but growing slowly: systemic risk is decreasing, which is beneficial for sentiment recovery;

Funds prefer stable assets: BTC and ETH are more favored, with advantages in DeFi and staking types;

Market style shifts to a strengthened expectation of a 'slow bull': sharp surges are unlikely, but an upward oscillation can be expected.

In summary: it is not a time for the market to soar, but it is indeed a phase where the main players are quietly laying out the 'trend tracks.' Don’t be misled by the stagnant market; the underlying logic is already heating up. Follow me for daily real-time updates to help you grasp the market.

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