The Federal Reserve launches the RMP program: an overlooked liquidity signal

[{"type":"paragraph","children":[{"text":"For the crypto market, the most noteworthy thing about this Federal Reserve meeting is not the \"interest rate cut\" itself, but its simultaneous announcement of the "},{"text":"Reserve Management Purchase (RMP) plan ","bold":true},{"text":". This monthly operation of tens of billions of dollars will become a "},{"text":"key liquidity variable ","bold":true},{"text":"that affects the trend in 2026."},{"text":"Key points to understand:","bold":true}]},{"type":"numbered-list","children":[{"type":"list-item","children":[{"text":"What is it: ","bold":true},{"text":"RMP is a "},{"text":"technical asset purchase ","bold":true},{"text":"(mainly short-term Treasury bonds) conducted by the Federal Reserve to maintain the operation of the financial system. It "},{"text":"is not Quantitative Easing (QE) ","bold":true},{"text":", but it also injects base money into the market."}]},{"type":"list-item","children":[{"text":"Historical correlation: ","bold":true},{"text":"Historical data shows that the "},{"text":"price of Bitcoin is highly correlated with the global money supply (M2) ","bold":true},{"text":", rather than directly linked to short-term interest rates. Therefore, the impact of RMP, this continuous \"small faucet\", may be more lasting than a single interest rate cut."}]},{"type":"list-item","children":[{"text":"Symbolic significance: ","bold":true},{"text":"The launch of RMP marks the "},{"text":"official end of three and a half years of quantitative tightening (QT) ","bold":true},{"text":". The global liquidity environment has undergone a fundamental turning point."}]}]},{"type":"paragraph","children":[{"text":"Conclusion: ","bold":true},{"text":"The headwind of liquidity contraction has stopped and the mild tailwind is blowing. This is a structural good for crypto assets.Detailed explanation of liquidity mechanism: "},{"type":"link","url":"https://blog.ju.com/fed-rate-cut-crypto-liquidity-2026/","children":[{"text":"https://blog.ju.com/fed-rate-cut-crypto-liquidity-2026"}]},{"text":"\n"},{"type":"topic","character":"Liquidity","children":[{"text":""}]},{"text":" "},{"type":"topic","character":"MonetaryPolicy","children":[{"text":""}]},{"text":" "},{"type":"topic","character":"CryptoMarket","children":[{"text":""}]},{"text":" "},{"type":"topic","character":"Macro","children":[{"text":""}]},{"text":" "}]}]