#加密货币市场周期分析 Analyze this news, I believe the Federal Reserve's interest rate cut decision will have a key impact on the market by the end of the year. Although the S&P 500 index is approaching historical highs, overly dovish rate cuts may imply poor economic conditions and instead trigger market concerns. It is important to closely monitor upcoming employment and inflation data, as these will be key indicators for market direction. From on-chain data, currently, there are no obvious anomalies in capital flows, but if the Federal Reserve signals a dovish stance, it could trigger a wave of on-chain capital outflows. Investors are advised to remain cautious, manage risks well, and also pay attention to investment opportunities in mid-cap stocks and other undervalued assets.