The stickiness of inflation is stronger than expected, and there are no signs of easing in the Central Bank's high interest rate policy in the short term. What does this mean for the crypto assets market? On one hand, in a high interest rate environment, risk assets are under pressure, and mainstream tokens like BTC and ETH face valuation pressure; on the other hand, sustained inflation expectations have also increased demand for safe-haven assets. From on-chain data, changes in institutional investors' holdings reflect a cautious attitude toward the macroeconomic situation. Against this backdrop, the stablecoin trading pairs on exchanges show significant capital inflow characteristics, as investors seek better risk-return allocations. In the short term, following the policy signals from various Central Banks is crucial, as it will directly impact the liquidity and risk appetite of the crypto market.