The Federal Reserve's repurchase program is essentially a liquidity tool—injecting funds into financial institutions to stabilize short-term interest rates and market sentiment. What happens when there's excess money? Institutional investors reallocate assets, and the cryptocurrency market can share in the benefits, making it easier for prices to rise naturally. Conversely, if the scale of repurchases shrinks or stops altogether, liquidity will tighten, and the pressure for funds to withdraw from the crypto space will follow.

But there's an easily overlooked point— the relationship between Federal Reserve liquidity and crypto prices is not a simple one-to-one correlation. The true driving forces in the crypto market are numerous: regulatory policy changes, breakthroughs in on-chain technology, retail investor sentiment fluctuations… These often have a more powerful impact than macro liquidity. Therefore, the Federal Reserve's repurchase program is just an indirect variable in the broader environment, not a decisive factor. To understand crypto prices, one must consider the dynamic changes across the entire ecosystem.