Recently, the shift in the tone of the Federal Reserve Chair nomination has sparked considerable discussion in the financial markets. Trump announced consideration of nominating a new Fed Chair, and the candidate's stance directly influences the upcoming monetary policy direction.

A core characteristic of this candidate is a dovish inclination. The probability of former Fed Governor Wacht's nomination has risen to 47%, while Trump's recent favored candidate, Hasset, maintains support above 50%. Regardless of who ultimately takes the position, the expectation of rate cuts will not fade—it's just a matter of the pace.

Currently, the Fed has cut interest rates three consecutive times, and the US dollar index continues to weaken. If the new Chair indeed implements more aggressive easing policies, further liquidity expansion becomes highly likely. Historical data shows that whenever monetary policy shifts toward easing, risk assets tend to benefit—this is often a positive signal for mainstream cryptocurrencies like BTC, ETH, and BNB.

However, it is important to note that past rate-cutting cycles have also experienced short-term pullbacks, mainly due to market pre-pricing or cyclical fluctuations in risk appetite. Whether this time will be different depends on the actual announcement timing and subsequent implementation pace. It is expected that official announcements may occur before Christmas or early next year, with market reactions likely to be quite noticeable then.

Interestingly, from a liquidity perspective, expectations of easing can itself alter asset pricing logic. The question is: will this policy expectation directly push mainstream cryptocurrencies through previous highs, or will they first undergo a profit-taking phase before rising again? Market opinions vary, and short-term volatility could be significant.

Overall, the upcoming months' policy certainty events will become key drivers for the market. Close monitoring of official announcements and market responses will be crucial.