The Federal Reserve maintains high interest rates with an 8 to 4 internal split, and inflation remains elevated due to rising oil prices. The market is reassessing the risks of "maintaining high interest rates for longer" and even "possible rate hikes next." The crypto space is undergoing stress testing; as risk assets, cryptocurrencies face pressure in a high-interest-rate environment, which suppresses speculative demand and leads to capital outflows from risk assets. BTC/ETH could face further downward pressure.