#ETH走势分析 $ZEC

The Fed is about to cut rates, but the real story might not be here at all

The rate cut decision on the 10th is about to be announced, traders are gearing up, and market sentiment is at a peak. The problem is—long-term US Treasury yields are still hovering at high levels, which doesn’t feel right. Everyone is betting on rate cuts, but the bond market is rather indifferent. This kind of split often signals something: overstretched expectations, which always come back to bite.

Key level to remember: be cautious when the S&P hits 6900. This isn’t an upward boundary, but a test point. If it can’t hold, look for support at 6700. Once the rate cut actually happens, capital flowing out of big tech stocks will look for new destinations—neglected assets like small-cap and value stocks may see a rotation.

But these are just short-term dramas. $ETH

The real long-term change happening is that stablecoins are reshaping the financial landscape. This is not an exaggeration.

Look at these numbers: tokenized US Treasuries have surged to $7.4 billion, with growth even outpacing traditional stablecoins. Institutions like BlackRock and Fidelity are getting involved. What’s driving this? The newly passed US "GENIUS Act" directly turned compliant stablecoins from "controversial assets" into "protected assets"—making it clear they are not securities and must be backed 1:1 by high-quality assets (mainly US Treasuries).

What does this mean? Stablecoin issuers have become new buyers in the US Treasury market, creating real demand. But this also creates risks: the Bank for International Settlements (BIS) has warned that if there’s a run, these assets could trigger a chain reaction. So, choosing stablecoins with transparent reserves and regulatory protection (like USDC) is the baseline; stay away from anything operating as a black box.

To sum up: in the short term, beware of the "all good news is priced in" trap around rate cut speculation; in the medium term, watch for capital rotation; in the long run, pay attention to how stablecoins are connecting traditional finance and the crypto world. This isn’t just a new narrative framework; it’s a new blueprint for the US dollar in the digital era.

What’s your take—play it safe in the short term, or make a long-term bet on the RWA track? (Disclaimer: for reference only, do your own research)