Trump's team denied ever instructing the Department of Justice to issue a subpoena to Powell. This incident may reflect certain political considerations behind the scenes, but from a market perspective, what’s more worth paying attention to is Powell’s own term schedule — he has only half a year left before stepping down. What does this time window imply? Short-term policy adjustment space is limited.

A rate cut in January is almost certain, with a very low probability. The real market variables lie in March and June. By then, Powell will no longer be in charge, and the policy orientation of the new chair will become the decisive factor. This period of leadership transition often comes with policy uncertainty — both an opportunity and a risk. Crypto asset allocators need to prepare in advance for this turning point.