[Coinbase: The Fed's 'Invisible QE' May Support the Crypto Market, Policy Environment Could Be More Moderate] Coinbase Institutional stated that the Federal Reserve's 25 basis point rate cut aligns with expectations, and the Fed's plan to implement Treasury reserve management purchases within the next 30 days is at least a positive signal. The initial operation scale of this plan is $40 billion, with a start date of December 12. Coinbase believes that the Fed's shift from balance sheet reduction to net injections can be seen as 'mild quantitative easing' or 'invisible QE,' which may provide support to the cryptocurrency market, and the policy environment could be more moderate than anticipated.