Next week, global financial markets will face a threefold challenge at the same time: concentrated release of economic data, the earnings season gradually heating up, and recurring escalation of geopolitical risks. Among these, the most critical time window falls on July 14 (next Tuesday)—Wosh, the newly appointed Fed chair, will make his first appearance at a congressional hearing, and on the same day U.S. June inflation data will also be released. The market’s prior expectations for the rate-hike path are likely to be completely reshaped within that day.

Turning to the present, although the crypto market still experiences volatility, Bitcoin’s trading volume continues to shrink, and sluggish trading has become the norm. This low-volume, drifting decline is often seen as a typical signal of the late stage of a bear market: selling pressure is gradually running out, and the downward slope is also quietly flattening. While the direction is still unclear, the most intense phase of the sell-off may already be over.