Tomorrow night at 9:30 PM, the US CPI data will be released. It seems like a big event, but honestly, the numbers themselves aren't that important. The real suspense is—will the market believe that "liquidity" has truly arrived?

Bitcoin is now facing a tough challenge. This is a major test: if the US stock market experiences ups and downs but can hold steady without collapsing, and rebounds quickly, it indicates one thing—institutional money has already flowed in, and the super cycle might really be brewing.

Let's look at three possible scenarios:

First, if the CPI data is average and ordinary, the market will hit the brakes, and everyone's attention will return to the story within the crypto world itself.

Second, if the data unexpectedly shows weakness, the expectation of rate cuts will ignite, and risk assets are likely to surge wildly.

Third, if the data turns out to be surprisingly strong, don't rush to sell off. This is actually the most critical observation period—you need to see clearly two questions: Is Bitcoin more resilient than US stocks and gold? Is ETF still buying when prices are falling?

If both answers are yes, then one thing can be concluded—that the decline is just a show, and in reality, the market's structure is much more solid than it appears on the surface. Every correction is just an opportunity for new buyers to jump in.

In short, data is just the ignition point; how the fire burns depends on the market’s own temperament. Everything will be answered by tomorrow night.