Liquidity is a double-edged sword, and it is about to test the market nerves again.

The minutes from the Federal Reserve's meeting will be published soon, and several key officials will also start to make statements. The crypto market is always sensitive to such signals—if the expectations for interest rate cuts are delayed, or if high rates are maintained for longer than anticipated, funds will likely have to withdraw from high-risk assets first. After all, money always accounts for itself; with treasury yields sitting there, who would still be willing to chase highs and sell lows?

After the government shutdown ends, the backlog of economic data will be released all at once. Core indicators like non-farm payrolls and unemployment claims directly affect the Federal Reserve's next steps. During this data-heavy bombardment period, short-term fluctuations are basically a foregone conclusion.

There is another point that cannot be ignored - the financial report of a certain GPU giant. Don't underestimate a company's performance report; it has almost become a barometer for the prosperity of the AI industry. In recent years, the correlation between tech stocks and crypto assets has been getting tighter. When the Nasdaq index fluctuates, crypto valuations are likely to resonate along with it. The strength of computing power demand and the heat of the tech sector will influence market sentiment through this transmission chain.

This is a rather delicate moment: macro data, corporate earnings, and central bank policies are intertwined. Want to see the direction clearly? Keep an eye on the US Dollar Index and US Treasury yields; these two are the thermometers of liquidity conditions. The rise in volatility is no longer a surprise; the key question is whether this wave of data and statements will truly shake mid-term expectations — after all, short-term fluctuations are the norm, while a trend change is a significant event.