Right now, the entire network is closely watching the Fed rate cut, but this round of good news has actually already been priced in. $BTC rebounding from 80,000 to 94,000 was driven by expectations of a Fed rate cut. Next, the key event is the yen rate hike next week! Looking back at 1998, after Japan ended its ultra-low interest rates, the Asian financial system nearly collapsed, and many countries couldn’t withstand the pressure. A yen rate hike is bearish for global capital markets because back then, everyone borrowed yen to buy US Treasuries—if the yen strengthens, they’ll sell US Treasuries to return to yen, causing US Treasury yields to soar and all high-risk assets to get hit hard. This logic still applies today. $SOL $BNB $ETH Also, recent contract position data is strange, as if waiting for the rate cut to harvest. The real test comes with next week’s yen rate hike and CPI data. If CPI far exceeds expectations, the market will be under attack from both sides. Pay attention to the Fed rate cut and Powell’s remarks; a dovish stance could spark a rebound, but a hawkish rate cut combined with a yen rate hike will make the market even tougher—everyone, stay cautious!