#BTC资金流动性 $BTC $ETH $SUI

Last night, the cryptocurrency market experienced significant volatility. According to data, over 66,000 traders had their contract positions liquidated globally, with total losses reaching approximately $64 million—this was driven by the U.S. CPI data for November.

The data released that day showed that the U.S. November CPI fell year-on-year to 2.7%, and the core CPI further dropped to 2.6%, hitting a nearly three-year low. Wall Street immediately raised the probability of a Federal Reserve rate cut in December to over 60%. The market is highly sensitive, with expectations for cheap funds heating up, leading to a strengthening of U.S. stocks and a rally in risk assets across the board.

But this rally hides risks. High-leverage traders are facing massive liquidations amid the volatile price movements, while safe-haven assets like gold and silver are rising concurrently, reflecting that funds are seeking "anti-devaluation" outlets—this is already the Nth instance of similar market turbulence this year.

What deserves more attention is the shift in policy expectations. The new chairman of the Federal Reserve faces calls from multiple parties for "significant interest rate cuts," with some voices even mentioning that rates could reach the 1% level. Driven by both policy and economic data, whether the current market frenzy is the starting point of a new bull market or a signal of risk accumulation may become clear in the coming weeks.