Today's Federal Reserve meeting is generally neutral, and Powell reiterated that rate cuts depend on the data. The dot plot still indicates two expected rate cuts in 2025, which is better than some pessimistic market expectations, pushing the probability of a rate cut in September higher. He emphasized that geopolitical conflicts and tariffs are indeed raising inflationary pressures, but believes that the impact of oil prices is more short-term. The U.S. economy still shows resilience, and the labor market has not shown an urgency for rate cuts.

Regarding BTC, the turnover rate has slightly increased, mainly due to short-term investors responding to geopolitical risks, but the holding range of $93,000-$98,000 remains solid, indicating that the market is not in panic. The chips in the range of $100,500-$105,000 continue to accumulate, and one should be wary of short-term risks brought about by excessive concentration. The market's focus will next return to the evolution of the geopolitical situation.