The core contradiction in the market is very clear now: everyone is focused on the Federal Reserve, especially Powell's speech tonight. Overall, officials are still cautious, with most not in a hurry to cut interest rates, at most just once by the end of the year, which has significantly cooled traders' expectations for two rate cuts. On the data side, the US PMI has hit a new high, indicating that the economy is not weak, but there is some pressure in the labor market, such as an increase in unemployment claims, making it more difficult for the market to judge the direction of policy.

There is quite a bit of news in the circle, the team behind YZY has been exposed, CAMP airdrop, Boundless public offering, Verb acquiring TON, and China Merchants International tokenizing funds on Solana, with plenty of narratives. However, from the market perspective, the overall market is still stuck at a critical point, Bitcoin is still looking for a bottom on the 4-hour chart, with no clear support signals. The OKB side is showing very strong momentum, even with officials warning of risks, funds are still rushing in, indicating that there is still some localized excitement in the market.

Next, the main event for the market is Powell's speech tonight. If it leans dovish, the market may immediately turn to rebound; if it continues to be hawkish, another wave of decline cannot be ruled out. So right now, the most important thing is still to control positions and wait for Powell to give direction.