#密码资产动态追踪 This time, the global central banks are really at a crossroads.

The White House is urging the Federal Reserve to accelerate rate cuts, and the interest rate game in 2024 has taken on a different flavor. Traders are already betting on a shift in 2026 in the futures market— but the question is, is this really based on economic fundamentals? Or is it just market wishful thinking?

The most bizarre phenomenon has emerged. Non-farm payrolls unexpectedly weakened, which under normal circumstances should pressure the stock market, but instead, US stocks surged against the trend. Bitcoin also experienced a brief dip and then quickly stabilized. This "bad news = good news" logic has completely reversed, leaving people puzzled— is this market resilience or the strange calm before the storm?

On-chain data hits even harder. Position distribution, exchange fund flows, long-term holder behavior patterns—multiple risk indicators are flashing warning signs simultaneously. A new round of intense volatility is clearly on its way.

In this era, traditional financial indicators and crypto market trends are becoming increasingly intertwined. US dollar liquidity, risk appetite, rate cut expectations—any slight shake in these factors can trigger chain reactions in the crypto space. Looking at the complex signals from employment data, funds are actually warning about the economic truths hidden behind the "loose" policies. Bitcoin didn't immediately surge but instead underwent a round of stress testing first. This indicates that the confidence for this rebound still needs time to be validated.

Greed or fear, it's too early to judge now.

$BTC $ETH $BNB