On a macro level, there is a major change, with the US dollar index breaking through 106 to hit a new high for the year. Historical data shows that the US dollar index and BTC have a strong negative correlation of -0.7, and this strong dollar is currently draining liquidity from the crypto market.

The Fed's hawkish stance supports the dollar's strength, and global capital is flowing back from risk assets into the dollar. As the highest beta risk asset class, the crypto market will face more intense volatility compression.

A key point to watch is whether the US Treasury yield curve remains inverted, which will determine the duration of the dollar's strength cycle. It is recommended to reduce altcoin positions and focus on the timing of BTC's decoupling from Nasdaq futures.

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