Today, the cryptocurrency market is experiencing obvious volatility. Bitcoin is quoted at $90,246.8, down 2.28%; Ethereum is performing even weaker, at $3,087.42, down 4.91%. From the contract perspective, the bullish and bearish confrontation remains tense—longs account for 49.74% of the entire network, while shorts slightly lead at 50.26%.

The shift in market sentiment is closely related to policy changes. The internal voices within the Federal Reserve have started to become more cautious. Recently, two FOMC voters openly stated their reasons for opposing further rate cuts: inflationary pressures still exist, requiring a more conservative approach. On the other hand, Trump has expressed his stance on Federal Reserve personnel appointments, leaning towards Waller or Harker as leaders, and advocating that interest rates should not exceed 1% after one year—this expectation of rate cuts and the actual tightening concerns create an interesting clash.

Interestingly, risk aversion in traditional finance is also heating up. Spot silver continues to rise, reaching a historic high, with the silver price in the New York futures market surpassing $65 per ounce. This usually indicates that the market's confidence in risk assets (including cryptocurrencies) is being reassessed. In the short term, the crypto market may still need to digest these policy and macro signals.