Tonight at 9:30 PM, the US December CPI data will be released, and both the crypto circle and the US stock market are waiting for this critical moment. Less than 2.5 hours remain until the "big reveal," and the nerves across the entire market are already tense.

This set of data is marked as a five-star importance level—essentially, it’s the key to stirring the market tonight. Let’s first look at the expectations for each indicator:

Seasonally adjusted CPI annual rate remains at 2.7% (the previous value is also 2.7%), with the monthly rate expected to rise to 0.3%. The core CPI is even more noteworthy—monthly expected at 0.3%, while the annual rate may increase from 2.6% to 2.7%.

Why is this so critical? It’s simple. If the data exceeds expectations, market concerns about rate hikes will spike, likely putting pressure on both crypto assets and US stocks. Conversely, if the data falls below expectations, risk assets will have a chance to breathe, and a rally might be on the horizon.

Currently, the entire market is holding its breath. Volatility at such moments is rarely gentle; brace for this heartbeat moment, as the market direction is likely to be set within these 30 minutes. The crypto market has always been highly sensitive to the US dollar index and macroeconomic data, and tonight’s results will directly influence trading logic in the coming days.