The US continues to approach a 3% inflation rate, keeping the cryptocurrency market on the sidelines and supporting demand for risk assets, but also delaying the Fed's pace of significant rate cuts. December's CPI is expected to increase by 2.7% year-on-year and 0.3% month-on-month, with analysts stating that this level "remains concerning." This mild deflation supports Bitcoin price increases driven by a weakening dollar, but due to the lack of unexpected downward surprises, leverage demand is limited. The market currently expects only a 50 basis point rate cut this year, leaning more towards data-driven upward trends rather than a surge in market sentiment. For cryptocurrencies, the in-line CPI data maintains a cautious optimism, while downward shocks could accelerate the spread of risk appetite, and unexpected upward movements would boost the dollar's strength.