Although Trump did not mention the encryption industry in his congressional speech, the market was still shaken. After all, when he speaks, both long and short sides have to hold their breath. Trump's speech can be summarized as: boasting achievements, confronting inflation, shouting about border security, painting a picture of global peace, but he didn't touch on encryption currencies - which instead became 'Favourable Information' because everyone was originally afraid of his unpredictable remarks. The market is influenced by macro factors such as Trump's reserve plan, the escalation of the trade war between the US, Canada, and China, and tariff adjustments, following the fluctuations in the stock market. This Friday will see the first White House encryption summit, but with a lack of specific policy support, the market sentiment is cautious. Investors are watching to see if it will become a price catalyst or trigger larger sell-offs. In addition, the US high-yield bond spread has widened to 290bps, the Atlanta Fed's GDP expectations have turned negative to -2.8%, and the market is focusing on Friday's non-farm data and next week's CPI to judge the direction of the macro economy.