Market expectations have suddenly shifted.

Based on data from prediction platforms, support for hawkish candidates has overtaken that for dovish ones. What does this mean?

If a hawkish chairperson takes office, we will see a Federal Reserve that emphasizes financial stability and maintains a greater distance from asset prices. In simple terms — the rate cut cycle will be extended, and the central bank's liquidity injections will be more cautious.

The impact on the crypto market is layered. In the short term, this shift in expectations is likely to trigger adjustment pressures on risk assets. In the medium term, if liquidity truly tightens, it will not be very friendly to the entire high-risk asset sector.

By comparison, dovish candidates represent easing expectations, but this expectation is now being re-priced by the market. The key is how far this shift can go — the actual implementation of policies will still need time for validation.