Two very important pieces of news today:

1) The market expects the cumulative Fed rate cuts through the end of 2026 to be less than 75bp
→ This means long-term liquidity will be tighter than most people expect,
→ The “slow bull” structure in risk assets may be prolonged, rather than breaking out early.

2) The US Department of Labor will not release October PPI
→ The missing data will cause greater short-term market volatility,
→ The probability of sentiment-driven trading rises, making structural signals even more important.

This year’s macro environment is extremely challenging: incomplete information, uncertain data, Trump as an unpredictable factor, and a very slow pace of Fed rate cuts.

$BTC being able to remain stable in such an environment
shows the underlying structure is stronger than the market imagines.

The structure is being rewritten, and direction is in waiting.