The market is paying close attention to the Fed's next move. According to CME Fed Fund Futures data, the probability of holding interest rates steady in January is 82.8%, with only a 17.2% chance of a 25 basis point rate cut. Looking further ahead, expectations for cumulative rate cuts by March are more divided—there is a 48.9% chance of no change, a 44.1% chance of a 25 basis point cut, and only a 7.0% chance of a 50 basis point cut.

This data reflects the market's uncertainty about the Federal Reserve's stance. In the short term, the likelihood of policy stability is higher, but medium-term rate cut pressures still exist. For cryptocurrencies, the direction of interest rate policies often determines risk appetite, so investors need to closely monitor these developments.