The reason for the slight green tint in the markets is the data below. Excluding the pandemic exception, labor force participation in the US fell to 1975 levels. There are various reasons—such as workplaces closing, young people giving up on job searching, fewer immigrant worker admissions, and the number of retirees increasing and therefore leaving the labor market—but ultimately, this data set off alarm bells. If this trend continues next month as well, it will pose a serious obstacle to the Fed raising interest rates. Until last week, at least one, and possibly more, interest rate hikes seemed all but certain given this inflation, but this data tipped the balance on the scale. As we know from Turkey, when many countries around the world are caught between the choice of whether to raise unemployment and stop the wheels turning, or to raise inflation, they are always close to choosing inflation due to the influence of politics... We can say that this situation has slowed the path of a strengthening dollar and depreciating assets. We can also say that whether inflation—expected to reach its peak in August—will slow down in the autumn will actually determine the price of many things. My year-end expectation for Bitcoin remains “cautious optimism.”