#美国核心物价涨幅不及市场预估 Once again, it's a game of expectations management. A single remark from Trump has rewritten the entire crypto market's liquidity imagination.

Here's the situation: the market was originally confident that Kevin Hassett would succeed as Federal Reserve Chair, with traders betting on a dovish policy after his appointment—loosening policy would boost risk assets. Bitcoin was on a good rise, and everyone was guessing whether the next target would be 100,000.

And then? Trump turned around and said: "I think he's in a pretty good position right now." The market instantly froze. On Polymarket, Hassett's probability plummeted, while another candidate, Kevin Warsh, surged close to 60%. That guy is known for being hawkish.

Understand? This is called a reversal of expectations. In crypto markets, what we’re trading is essentially future money—imagination about the central bank’s faucet. When that imagination shifts, prices must adjust accordingly.

A hawkish stance means the environment of high interest rates will continue, and liquidity won't be released as quickly. For risk assets driven by dovish expectations—including Bitcoin—this is a short-term pressure. The cooling of the rally is just how it is.

But don’t be too pessimistic. This is just a short-term emotional shock; in the long run, fundamentals still matter. While Fed personnel changes are significant, the development narrative of the crypto ecosystem itself is deeper. A policy message can cause volatility, but it doesn’t change the overall industry direction.

In this market, news is the fuse, but trend is the backbone. Monitor risks carefully, manage them well, don’t get panicked by a single message, and don’t underestimate the destructive power of macro black swans. Keep observing, find the right rhythm, and we’ll keep moving forward.