Trump-led virtual asset expectations are cooling... Fed officials' comments 🎓 Summary of key remarks 1. Christopher Waller (Fed Governor) - The initial optimism that drove virtual assets following Trump's election is fading. - The recent plunge and increased volatility are due to regulatory uncertainty and the adjustment of risk positions by large financial institutions. - The process of funds flowing into mainstream financial institutions (ETFs, hedge funds, etc.) being withdrawn. * Bitcoin Situation - A decline of more than 40% from its October 2025 peak. - Virtually all gains since Trump's election have been reversed. - Experienced the highest volatility since the FTX collapse. 2. Stephen Miran (Fed Governor, Moderate) - Tariffs and fiscal policies will not have a fatal impact on financial markets. - Tariffs could actually contribute to maintaining low interest rates for a long period. - Dollar fluctuations → Not a key variable in inflation. - The Fed's balance sheet is justified in times of crisis. 3. Raphael Bostic (Atlanta) (Fed President) - Unstable employment data → Fed maintains cautious stance - Some market participants are beginning to lose confidence in the dollar ✏️ Summary - The recent crypto correction is not a collapse of policy stimulus, but rather a process of institutional capital risk management and position restructuring - This demonstrates that virtual assets are no longer peripheral markets but rather assets deeply interconnected with the traditional financial system - A market shifting from one driven solely by political expectations to one centered on supply and demand, finance, and risk management Recent remarks from various Fed officials have been made at conferences and events like Boston University. These remarks offer valuable insights into the market's thinking.