#沃什获提名利多还是利空 New "Hawkish" Chairman, the Liquidity Feast of Cryptocurrencies May End

Trump officially nominated Kevin Warsh as the next Chairman of the Federal Reserve. This candidate is widely seen as a "structural hawk."

What are his core proposals?

"Interest rate cuts" and "balance sheet reduction" go hand in hand. That is, while lowering interest rates, significantly reducing the Federal Reserve's massive balance sheet (currently about $7 trillion), directly siphoning liquidity from the market. He believes that crypto assets are more like a "speculative product in a loose environment" rather than a hedging tool.

What does this mean for the crypto market?

This could signify a major long-term bearish logic shift. For the past two years, the market has traded on the logic of "interest rate cuts = liquidity easing = bullish for crypto." However, Warsh's policy framework may imply that "interest rate cuts ≠ liquidity easing," potentially accompanied by liquidity tightening. If this comes to pass, a core macro pillar supporting crypto asset prices will be shaken.

We need to be prepared:

Future market volatility may not only stem from sentiment but also from profound changes in the underlying liquidity environment. Under this expectation, the intrinsic value and practical applicability of assets will become more important than ever.

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