#美国经济数据 Trump said that inflation continues to decline but there will be no deflation. This sounds stable, but having lived on-chain for so many years, I've learned one thing – the words of politicians are often a barometer of the market and are also frequently a play people for suckers.

Changes in inflation expectations directly affect liquidity, and periods of abundant liquidity are usually when the big players are most active. Looking back at that crazy period in 2021, as soon as optimistic signals emerged from the policy level, various air projects began to spring up everywhere. I have seen too many people confused by the simple logic of "economic improvement = asset appreciation," and in the end, they got trapped at high positions.

The current question is: If inflation really continues to decline, will easing expectations push up the valuations of risk assets? This is precisely the most dangerous time, because FOMO sentiment will rise again. The project teams and big players have already calculated this, they are positioned at the bottom, waiting for retail investors to chase high and take over.

My advice is to first clearly understand the true progress and cash flow of the project, rather than being led by macro expectations. Inflation data is only a reference; the project's lifecycle stage, team execution capability, and community authenticity are the key factors that determine how long it can survive. Don't repeat my earlier mistakes—chasing risk assets is like gambling; it's easy to win once, but winning in the long run is what counts.