The market maintains a strong risk-averse sentiment before the CPI announcement. Last month's general CPI was 2.7%, and this month it is expected to be between 2.7% and 2.8%; if it falls below 2.7%, it will boost the market. The month-on-month rate may be lower than the previous value, and the inflation transmission pressure is limited; core CPI may remain flat or rise slightly, indicating that inflation is still on the rise and has not yet accounted for tariffs. The impact of tariffs is being digested, and attention is shifting to the policy game between Trump's faction and the Fed's conservatives. Regardless of whether the data is good or bad, the expectation for a rate cut in September remains high. In the cryptocurrency market, BTC's turnover rate has increased at the beginning of the week, with short-term funds active; early holders have not sold off due to the return to $120,000, and the main two support levels are stable, with the seventh support zone beginning to form, providing support for the price from long-term holding strength.