Tomorrow night at 21:30 US December CPI data release, this is the most critical macro event of the week.

For the current market, the direct impact of this set of numbers is no longer as significant—markets have already digested the Fed's expectation of rate cuts next year. The real question is: can this data reinforce the market's confidence in the easing timeline? Can it make liquidity come faster and more certain? That is the true fuel driving subsequent market movements.

But if you ask me what is the most critical? It’s actually the upcoming market reaction. Once the data is out, US stocks will definitely fluctuate significantly. The key is whether Bitcoin and mainstream coins can break free from following US stocks—whether they fall less or immediately rebound when they drop, that indicates something is up. Institutional funds are already strong enough to withstand macroeconomic shocks, which is the real, verifiable sign of a "shallow correction in the super cycle."

Let's look at three scenarios:

1. Data is dull? The market reaction might also be dull, and everyone’s focus will shift back to the capital flows and ecosystem development within the crypto space itself.

2. Data exceeds expectations and is positive? That’s adding fuel to all risk assets—stocks, coins, commodities all rise.

3. Data unexpectedly declines? That’s the real stress test. Don’t panic immediately; instead, pay attention to two details: Is Bitcoin’s decline smaller than US stocks and gold? Has Bitcoin ETF been accumulating volume at the bottom? If the answers are all yes, it indicates the market structure is extremely healthy, the underlying logic for upward movement remains intact, and declines could even be an opportunity to build positions at low levels.