The Fed's policy orientation has changed again.

Recently, Trump's remarks have caused quite a stir in the market. He clearly stated that as long as the market performs well, he hopes the new Fed chairman will lower interest rates. It sounds simple, but the deeper meaning behind it is worth pondering.

The key point of this statement lies not in the interest rate cut itself, but in the change of triggering conditions. The conventional logic of the past few years was that when the market was good and the economy strong, the central bank would tighten policies to prevent overheating. However, the current signal is the opposite – with good market performance, policies are instead required to follow suit and provide support.

Looking at it from another angle, this is equivalent to shifting the policy focus from "suppressing risks" to "maintaining growth and protecting assets." Once this expectation is solidified, the subsequent chain reactions will begin.

First, the duration of high interest rates has been significantly shortened. Second, the space for future interest rate declines has widened. Third, and most directly—the valuation logic of risk assets (including ETH and BNB) needs to be recalculated.

Interest rates are no longer just a tool for economic regulation, but a policy signal that directly affects market expectations. For bullish funds, this means a lower discount rate and that future cash flows are worth more. For market participants, the subsequent level of policy support has become a new pricing anchor.

The release of this policy signal has, to some extent, rewritten the rules of the game in the market. How the flow of funds will move still depends on the subsequent real actions of the Fed chairman.