Recent US economic data has sent subtle signals.

GDP growth rate surged to 4.3% quarter-over-quarter, while the inflation rate jumped from 2.1% to 2.8%—these figures shouldn't appear together. In theory, strong economic growth coupled with rising prices would justify the central bank maintaining a tightening stance. However, the reality is that the Federal Reserve has still implemented rate cuts this year. The political game behind the scenes is evident.

Interestingly, the market has cast its vote through actual actions. Gold has risen over 70% since the beginning of the year, and silver has doubled in value, while long-term interest rates have not only failed to decline but have continued to rise. What does this phenomenon usually indicate? Market concerns about future inflation have not dissipated.

When the current Federal Reserve Chair's term expires in May next year, the transition of power will become even more noteworthy. Once the new decision-makers take office, whether the policy tone will shift significantly, which will have a major impact on crypto asset allocation strategies. Mainstream cryptocurrencies like ETH and SOL are highly sensitive to liquidity conditions—when market expectations shift from easing to uncertainty, traders' risk asset allocations tend to lead price movements.

In the short term, the strong performance of gold and silver is already sending us a message: inflation expectations have not faded, and risk aversion sentiment is still brewing. For crypto investors accustomed to chasing risk assets, this calls for more cautious assessment of their positions and risk exposure.