#数字货币市场调整 **Interest rate cut expectations cool down, market enters verification period**

The Federal Reserve's recent actions are equivalent to stepping on the market's brakes — the probability of a rate cut in December has been suppressed, and the cost of funds has directly increased. In the short term, a stronger dollar index and real interest rates are inevitable, and a cooling of sentiment along with amplified volatility is also to be expected. However, the bullish market logic remains intact; it has simply been extended in its timeline.

The key lies in two signals: whether inflation and employment data will rebound, and whether trading volume can return to the upward channel.

**$BTC is still the main battlefield**
When the volume shrinks, avoid excessive trading. Consider increasing your position only after the volume rises and re-establishes above the trend line; if it falls below the lower edge of the range, then gradually accumulate. Now prioritize operating with a range mindset, observing the volume-price relationship in the fluctuation zone from 94k to 105k, and only follow the trend when there is a volume breakout; otherwise, it’s just about high selling and low buying to earn on swings.

**$ETH Rotation is Coming**
The story of Ethereum relies on Layer 2 and gas fees for repricing. Once the rotation starts, the trend is often quite decisive. When retracing to key moving averages, it presents a layout opportunity. The range from 3.2k to 3.6k, combined with L2 ecology and staking demand, should prioritize building positions at strong support levels during pullbacks.

**$BNB View Trading Popularity**
The performance of platform tokens is more dependent on trading activity. If the volume reaches new highs, continue to hold; if the volume decreases and corrects, buy on dips, and manage your positions well. There is a clear anti-drawdown characteristic, with on-chain activity and the burning mechanism providing support. If the volume rises back above 600, the upside potential will open up.

**Operation Suggestions**
Short-term reduce leverage, favor spot or grid strategy. Avoid chasing highs before data releases and increase risk exposure only after the Federal Reserve's next steps become clear.

**Focus Indicators**
CME interest rate cut expectations, US dollar and real interest rates, ETF net inflows, funding rates, on-chain activity.

Before the implementation of loose policies, the rhythm and risk control are more important than being aggressive. It's not too late to expand positions once the data and policy signals turn positive.