#美国宏观经济数据 GDP growth of 4.2% surpassing expectations actually puts downward pressure on the market, and this phenomenon is indeed worth noting. The underlying logic is quite clear — the market is pricing in interest rate hike expectations rather than the economic data itself.

From an on-chain perspective, such macro expectations shifts typically drive sharp adjustments in capital flows. When the market diverges on policy direction, large traders' position adjustments often lead price movements by 2-3 days. Recently observing whale wallet activity, we have indeed seen some large holdings gradually reducing at high levels, which may be a hedge against the risks of interest rate policy uncertainty.

The core issue is not whether economic data is good or bad, but whether policy expectations are aligned. If the Federal Reserve's future decision framework shifts from "data-driven" to "policy-driven," the market's pricing logic will be completely rewritten. This will have systemic effects on on-chain capital allocation — the ratio of stablecoin inflows and outflows will change significantly, and large contract traders' leverage strategies will also adjust accordingly.

In the short term, it is recommended to closely monitor the Federal Reserve officials' subsequent statements, as any new signals regarding interest rate policy could trigger rapid re-pricing of funds. Additionally, keep an eye on exchange fund flows to see whether institutions are increasing leverage bets or reducing risk exposure.