#大户持仓变化 The whispers of a power shift at the Federal Reserve are intensifying. If Kevin Woorh actually takes on the role of the next Chair, the impact on the entire crypto market could far exceed market expectations.

The latest market bets have already positioned Woorh as the top favorite. This guy's background is a bit intimidating—he was one of the youngest Federal Reserve governors in history and was outspoken against quantitative easing, criticizing that wave of massive liquidity as the main culprit of inflation. Now he has become a Stanford lecturer and hedge fund partner, firmly a top figure in Wall Street's academic circle.

If he really takes office, what might he do? Two directions are worth vigilance. First, he might accelerate the "balance sheet reduction" process. Woorh has always advocated that the Fed's balance sheet is bloated and needs significant downsizing. This is no joke—it means pulling a large amount of dollar liquidity from the market, directly squeezing asset prices. Second, although he supports rate cuts (believing the economy is healthy, especially with growth in AI), such rate cuts would be based on a more stringent tightening tone.

From the perspective of the crypto market, short-term rate cut expectations could be a positive signal. But the real game-changer lies in the systemic tightening of long-term liquidity. Major assets like $BTC and $ETH are highly sensitive to global liquidity, and a Woorh-style Fed would be more hawkish and resolute than Powell in pushing for balance sheet "slimming."

In other words, this is not just about a change of personnel but about redefining the core logic of monetary policy. The market, recently hit by Japan's rate hike, still has some capacity to cope with a new tightening cycle from the Fed. It's still time to evaluate your positions.