Analyst: The market trend is shifting from data-driven to policy-driven, pay attention to the Federal Reserve's wording such as "smooth operation" and "temporary"

Golden Finance reports, according to cryptocurrency analyst arndxt's post on the X platform, there has not yet been any real hedging behavior and the retail industry has not yet surrendered. ETF inflows remain strong. Market depth is slowly declining, liquidity damage is amplifying price trends - it's liquidity, not sentiment that is the real vulnerability of the market.

However, once buying on dips reflex fails again and expectations for excess wealth in 2019-2024 cycle are challenged, true deleveraging will begin. We are entering a stage where market trends will be increasingly influenced by policy rather than just data-driven. Please pay attention to terms such as "smooth operation", "temporary" and "facilities" from the Federal Reserve.