This round of Federal Reserve actions appears to be "reserve management purchases" on the surface, but at its core, it's the same old script—spending hundreds of billions of dollars each month to stimulate the market. But the numbers tell a different story: it took six years after the 2008 financial crisis to expand the balance sheet by $4 trillion; by 2020, the same scale was achieved in just half a year. This speed of money printing is unprecedented in history and warrants vigilance.

The problem is, the market isn't buying it this time. Rather than celebration, there's a pervasive sense of skepticism across the entire market—can loose monetary policy still support asset prices?

Deeper risks are now evident. The foundation of the dollar system is shaking, reflected in three aspects: the independence of policy-making is increasingly eroded by political pressure, trade conflicts continue to undermine economic fundamentals, and debt levels have reached a critical point. How long can the Fed's credibility last? How much confidence remains in the dollar internationally? These questions remain unresolved.

Tariff policies are escalating layer by layer, squeezing corporate profit margins, and trade deficits are snowballing. More painfully, the debt problem—government keeps issuing new bonds to pay off old ones—no one knows how long this game can last. The dollar's position is indeed overextended.

Against this backdrop, cryptocurrencies are gaining appeal as an alternative store of value and medium of exchange. Whether for traditional investors or traders, there's a reassessment of asset allocation logic underway.