Bearish sentiment accumulates, the golden pit is approaching

Warning of a restart of the US-Iran war

Trump prepares to launch a new military strike on Iran
Iran has closed its airspace, claiming to prepare for a war restart
Negotiation drafts are being revised daily but making no progress → deadlock
Iran emphasizes: no talks if the deal involves highly enriched uranium
Oil prices are soaring, geopolitical conflicts intensify

Expectations of rate cuts have completely cooled off

Former Federal Reserve Governor Waller said: "Talking about rate cuts now is simply crazy"
Traders have fully priced in a 25 basis point hike by the end of 2026
The market sentiment has shifted from "rate cuts" to "rate hikes"
We are mainly watching the CPI data on June 11 and the FOMC rate decision on June 16 (Waller's debut)

Waller's three labels
Rate hike fanatic: Has always criticized the Fed for cutting rates too aggressively, and market expectations when he took office were: not only no rate cuts, but even rate hikes;
Crypto critic: Once openly said Bitcoin has "no intrinsic value, purely a speculative tool"
Dollar loyalist: Emphasizes that no digital currency can shake the dollar's dominance;

US stock tokenization delayed
Yesterday, the SEC postponed approval of the "US stock tokenization" project → short-term bearish
ONDO and HYPE responded with declines, and Black Arthur Hayes deposited 115.4k HYPE into CEX to dump
But it’s only a matter of time, the problem is not big

Summary
Honestly wait for the June 11 CPI and June 17 FOMC news, plus another IPO from Old Ma in June
Now, avoid heavy positions, be patient, and watch the final direction of rate cut expectations and US-Iran developments