#数字资产市场观察 Last night, the U.S. Labor Department's operations caught everyone off guard—the CPI data for October was withdrawn just like that, which is a rare event in the past twenty years. I was staring at the market data, refreshing the page three or four times thinking my internet was down, only to find out that the entire trading circle was in a daze. The reaction of the crypto market was the most direct: BTC price fluctuated like a roller coaster, moving over 2% up and down within five minutes, that long wick candle almost blinded me.

The importance of CPI data to the market goes without saying. When inflation numbers are high, the Federal Reserve's hawkish stance becomes firm, and funds will retreat from risk assets; when numbers are low, expectations for interest rate cuts rise, and crypto assets often benefit from the release of liquidity. The Labor Department's sudden withdrawal of data this time is equivalent to directly pressing the pause button on the market. Not only are Wall Street traders frantically seeking insider information, but even retail investors, who usually don't care about macro issues, are flooding major communities asking what exactly happened.

In the crypto space over the years, I've seen all sorts of strange occurrences. Although this situation is surreal, upon closer inspection, it has its interesting aspects.

The most reasonable explanation might be that the data is too explosive, and the decision-making level needs some buffer time. What I've heard from several news sources is that the October CPI year-on-year may fall below 3%, far lower than the market consensus of 3.3%. If this is confirmed, it means that the speed of inflation cooling is far beyond expectations, and the chips on the table for interest rate cuts will instantly increase. But the problem is: if the data is too good, it will instead put policymakers in a difficult position—should they cut interest rates in line with the trend or wait and see? If the rhythm is off, the subsequent chain reactions could be hard to manage, so it's better to withdraw the data and calm down for a bit.

From the perspective of the crypto market, this matter may contain a not-so-obvious positive signal.