#夏日创作营 As more and more people begin to believe the Federal Reserve won’t suddenly raise interest rates, macro risk is actually declining.

This is also one of the key reasons why BTC has been able to hold its strength recently.

However, this doesn’t mean the market will necessarily keep rising all the way.

What truly determines the market’s direction isn’t just whether rates will be raised, but when rate cuts will begin—and when liquidity will actually return to the market.

In the past few weeks, we’ve already seen more and more positive signals:

BlackRock continues to expand its crypto business footprint;
ETF-related products are being continuously improved;
Coinbase has seen 60 consecutive days of negative premium yet there are still buyers taking it;
Funding rates show that bearish sentiment in the market is weakening;
The Fed’s expectations for further rate hikes are also continuing to cool.

Viewed individually, these messages have limited impact.

But when they appear at the same time, it means the broader market environment is slowly changing.

Prices will move up and down every day, but what’s really worth paying attention to is:

Macro pressure is easing, institutional acceptance is increasing, and market structure is gradually improving.

These changes are often more important than a single day’s rise or fall.