#美联储重启降息步伐 This market lately—it's neither hot nor cold, just stuck in this awkward in-between. $BTC is holding up, mainly because ETFs are still attracting capital and institutional money is propping up the bottom. But look at those altcoins—they’re basically scraping the floor, and a lot of project teams don’t even know what story to tell anymore.

Regulation is really tightening up; countries everywhere are cracking down, and enforcement is getting stricter. DeFi and NFTs, which used to be super hot sectors, are now clearly losing steam, with funds flowing into top-tier assets—in other words, risk-off sentiment is taking over. On top of that, high interest rates aren’t letting up, liquidity is squeezed tight, and risk appetite is getting crushed.

In the short term, it’s likely to be a choppy, grinding market—can’t go up, can’t go down. I recommend keeping a close eye on two things: new regulatory developments in different regions, and macroeconomic data (especially rate cut expectations). Risk management has to be top priority; don’t even think about going all-in to catch the bottom.

What does the market need most right now? A new narrative. Everyone’s waiting for the next tech breakthrough or killer app to set the pace—otherwise, we’re just stuck in limbo.