With the expectation of interest rate cuts being delayed, cryptocurrency and risk asset allocation should be cautious. In terms of cryptocurrency, due to potential tightening of U.S. dollar liquidity and a stronger dollar, there may be short-term selling pressure. Attention should be paid to the correlation between $BTC and U.S. stocks, as well as ETF fund flows; if they decouple, it could signal a turning point. Regarding risk assets, volatility in traditional markets may intensify, so it is recommended to reduce the allocation of high-volatility assets and increase defensive assets, such as gold. At the same time, closely monitor the Federal Reserve's policy dynamics and changes in economic data.