#比特币对比代币化黄金 Recently, the market has been brewing two main logic lines that are worth paying attention to.

First, let's talk about the Fed—after the meeting on the 10th, rate cut expectations have been swinging back and forth, and there's actually quite a bit of room for further volatility. Many people are still betting on a rate cut cycle, but the risk is that the market's reaction to policy shifts is often beyond expectations.

What's even more interesting is the stablecoin sector. Recently, the growth trend of stablecoins has changed; they are genuinely penetrating the logic of the US Treasury market, and quite a few institutions have started using stablecoins as a new tool for liquidity management. This could give rise to plenty of structural opportunities, especially for long-term holders.

So, the core drivers of the market now are, first, the uncertainty in the rate cut game, and second, the innovation within the stablecoin ecosystem. $ETH $DOGE $BNB All these mainstream tokens are showing different performances under the impact of these two logics. How well you can capture this rhythm really depends on your depth of understanding of these two variables.