#市场观察 Looking at the overnight market, this reversal is indeed interesting. BTC, ETH, and SOL all surged, and the underlying logic is very clear—the Fed's "shadow chairman" shifted from hawkish to dovish, and the vacancy data has emerged, prompting the market to reprice its interest rate cut expectations. I have seen this script too many times; each round feels familiar, but the details are different every time.

What fascinates me the most is the PIPPIN project. Its market cap surged to 300 million, with a daily increase of 74%, and the perpetual contract funding rate turned positive. Such a sudden super reversal often indicates something. I experienced the altcoin frenzy of 2017 and witnessed the DeFi explosion of 2021; this time, the logic seems to be repeating—projects with market maker backgrounds take the initiative, rapidly surge, attracting trend-following traders. History does not repeat itself exactly, but it always rhymes.

The Bitwise cryptocurrency index fund listed on the NYSE is worth paying attention to. The underlying assets include BTC, ETH, XRP, SOL, ADA, LINK, LTC, SUI, AVAX, DOT, and it's interesting to note the absence of Dogecoin. This indicates that the ranking of recognized sectors by institutions is quietly adjusting, rather than simply following the trend of Meme coins.

Looking at the asset growth rankings over the past 25 years, BTC fell by 3%, SOL fell by 30%, while physical silver and gold led the gains. This reminds us of an old truth: when the crypto market starts to differentiate internally and risk assets come under pressure, traditional safe-haven assets often become a better choice. The characteristic of this cycle is the coexistence of structural opportunities and systemic risks.

The Fed's interest rate meeting is approaching on Thursday, and the volatility will be significant. Keep your fingers in check and manage your emotions; this is the first rule for living longer.