Wosh's debut is imminent, and the market focus is not on whether to raise or cut interest rates, but on whether the Federal Reserve will remove the language indicating a "next step leaning towards rate cuts."

Once this signal is implemented, it means the policy framework shifts from "when to cut" to "when to raise," and its impact on the crypto market is greater than a single rate hike — it changes the entire liquidity pricing anchor.
Currently, BTC remains steady at 63k, ETH is still weak, and the divergence in funding rates already indicates that the market is watching cautiously. But the real test is early Thursday: whether the dot plot shifts towards rate hike expectations, whether risk appetite tilts, these are more decisive for the medium-term direction than CPI data.
Downside risk: if Wosh signals a hawkish stance but actually maintains unchanged rates, the market may temporarily rebound but continue to be pressured, because "no rate hike" does not equal "easing," and expectations have been recalibrated.
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