#美联储恢复降息进程 checked the latest CME quotes, and the interest rate cut expectations have soared to 87.4%—the market is paving the way for a 25 to 50 basis point cut in January next year. If this valve really opens, the response speed of on-chain liquidity may exceed expectations.

This week's data is packed: listen to Powell on Tuesday, watch the ADP employment numbers on Wednesday, look at the initial jobless claims on Thursday, and on Friday, there's also the PCE price index and Michigan consumer confidence. Each of these points can stir expectations. By the way, don't take those rumors online about Powell resigning seriously; the next Fed chairman hasn't even been seen yet.

Institutional actions are worth pondering: Sony Bank just officially announced that it will launch a stablecoin in the U.S. in 2026. Don't underestimate this matter — their gaming and entertainment ecosystem is substantial, and truly unlocking payment scenarios is a real on-chain increment. There is also a response on-chain, as USDC Treasury directly burned 60 million tokens this morning. The comments from Bank of Japan Governor Ueda were quite convoluted: he said that raising interest rates is "loosening the throttle" rather than hitting the brakes, and the policy implications behind this wording deserve careful consideration.

In terms of the sector, the expectation of interest rate cuts combined with the expansion of stablecoins makes it easy for DeFi and RWA sectors to reap benefits. On the technical side, breakthroughs are also being made — zero-knowledge proof tools are now able to verify on mobile devices at the millisecond level, and the barriers of KYC and privacy are being smoothed out.

Which area do you think will ignite first in this round of macro shift? Where is the money likely to flow back to? $BTC