The recent turmoil at the Federal Reserve has caused a lot of buzz, with many watching the plunge in US stock index futures and gold soaring to $4,600, leading to widespread anxiety. But I want to ask, what does this mean for the crypto market?

When the independence of central banks is questioned and monetary policy becomes a political tool, the trust foundation of the traditional financial system begins to shake. Once dollar liquidity is tied to geopolitical risks, the global demand for safe-haven assets will surge. At this point, the value of decentralized assets like BTC and ETH becomes evident—they are not controlled by any single government and inherently possess safe-haven qualities.

Looking at on-chain data provides a clearer picture. In the past week, $2.4 billion in whale funds flowed into CEXs, which on the surface seems like selling pressure. However, the net inflow of stablecoins was only $42 million, indicating that funds are rebalancing rather than fleeing. More importantly, billion-dollar whale accounts that had been dormant for 7 years have started moving—they sold off $2.59 billion worth of BTC and used the proceeds to buy $2.2 billion worth of ETH, then staked $1.25 billion of ETH on the Beacon Chain. The logic here is clear: funds are shifting from "digital gold" to a more diversified crypto asset allocation.

On-chain data never lies, and large holders always lead the market. When macro uncertainties rise, they vote with real money, supporting the direction that diversifies risk.