The market is repeatedly bottoming out at low levels, and that sense of repression is eerily similar to the strange calm before a storm.

Recently, the entire community has been paying attention to the "big drama" of the Federal Reserve. The current Chairman Powell's term is set to end in May 2026, while Trump has already hinted at announcing the new Chairman's candidate in early 2026. It seems there is still over a year left, but smart money has already begun to position itself in advance—this is the survival rule of the market.

The market has indeed been interesting these past few days. Mainstream cryptocurrencies are generally experiencing a volatile decline, and the daily chart feels quite oppressive. But I've seen this pattern before; it feels exactly like the atmosphere when Bitcoin was repeatedly confirming around the $126,000 level. Narrow fluctuations, slowly probing upwards, and then suddenly a large bullish candle ignites the fuse, catching the bears off guard. This time, however, the script seems to have flipped—now the market is "nurturing the bears," and the bullish sentiment is becoming increasingly fragile.

**Under the Current Policy Expectations, Underlying Currents are Surging**

Trump has identified five candidates, each with significant backgrounds.

The first hot topic is Kevin Hassett, Trump's economic advisor, a standard representative of the doves. This guy holds stocks worth millions of dollars from a well-known compliance platform and has been saying that the current interest rates are set too high, advocating for significant rate cuts. If he takes over the Federal Reserve, the rate cut pedal will be pressed very hard, and he may even consider restarting liquidity easing. Do you remember that "big flood" in 2020? Bitcoin soared from $10,000 all the way up to $69,000. The power of that market wave cannot be described merely by the phrase "a rising tide lifts all boats."

The other is Christopher Waller, who is currently sitting on the Federal Reserve Board and has a relatively open attitude towards stablecoins, even believing that stablecoins can strengthen the international status of the US dollar.