Still debating how many times the Federal Reserve can cut rates in 2026? It's time to shift your focus to another question: what happens if the room for rate cuts is completely exhausted.

The latest market signals are very clear—BlackRock openly states that the liquidity dividend of 175 basis points has been nearly exhausted. Unless the labor market suddenly crashes, the faucet won't turn on again.

What does this mean for the crypto market? The growth model supported by global capital flooding in over the past few years is quietly shifting. The bull market isn't driven by faith, but by capital tides. When the tide recedes, the true face of the market will be revealed.

The macro chain is simple: liquidity tightening → US dollar appreciation → risk assets under pressure. Assets priced in USD like Bitcoin and Ethereum cannot escape this logic.

Interestingly, it is precisely this pressure environment that can widen the gap among participants. During a bull market, everyone is a genius; during a bear market turning point, you can see who truly has skills. Those blindly chasing meme coins or following the crowd will inevitably be eliminated in the upcoming market.

Only two types of people will survive: one is long-term investors who have pre-positioned in mainstream assets and done their homework; the other is strategic traders who can flexibly adjust their positions and hedge risks.

The evolution of the market follows an ancient pattern: born in despair, grows in hesitation, matures in optimism, and finally resets in madness. If you can still view these changes clearly and maintain your rhythm in a suffocating market, you are already halfway to winning.