The US CPI data for July, to be announced at 20:30 tonight (#CPI数据来袭 ), is the market focus. The CPI year-on-year is expected to be 2.7%, and the core CPI year-on-year is expected to be 2.9%, both slightly lower than the previous values. If the actual values are lower than expected, it will strengthen the expectation of a decline in inflation, significantly increasing the probability of a Fed rate cut in September, which would be favorable for US stocks and crypto assets. Conversely, if the values are higher than expected, bets on rate cuts may cool down, leading to a stronger dollar and pressure on risk assets. In the short term, Bitcoin will be directly driven by sentiment, with increased volatility. It is recommended that friends closely monitor the price and trading volume changes at the moment the data is released at 20:30 tonight.