Tonight's big event again—US Initial Jobless Claims data is about to be released.

Did you understand Powell's remarks last night? To put it simply: I won't make any explicit statements; the data will speak for itself. This seemingly neutral official language actually leaves all the suspense to the market. Rate cuts have indeed been implemented, but what happens next? Nobody knows.

This kind of situation is the most troublesome. Because from now on, every economic data point could become a trigger for emotional reactions—if employment is strong, the market will start to worry about the rate cut expectations being disappointed; if the unemployment rate is slightly higher, some will call for a slowdown in the economy. When news is dense, volatility often becomes more apparent than the trend.

Honestly, I am not bullish right now.

It's not that I believe it will definitely fall, but this oscillating and repetitive state is very much like the rhythm at the early stages of a bear market. When news arrives, emotions are ignited, causing a wave of rise or drop, but sustainability? Basically none. Especially now, with off-market funds also not active, short-term funds tend to be easily swept up and harvested in this high-frequency game.

So tonight’s initial claims data, rather than giving a direction, is more about causing volatility. Mainstream cryptocurrencies like BTC, ETH, SOL may still fluctuate with the news in the short term. When the direction is unclear, it's never wrong to keep a lighter position—don't rush to bet on a direction.

Stay calm, wait until the market truly gives an answer.