Powell's speech yesterday indicated that interest rates would remain unchanged, but suggested that there may be two rate cuts within the year, emphasizing that policy will be adjusted based on data. Market reactions were mixed: BTC briefly fluctuated before slightly dropping to $105,000, with the market still cautious about liquidity expectations; meanwhile, 'the first stock of stablecoins' Circle surged by 34% due to favorable policies. Overall, the dovish signals did not exceed expectations, leading to a narrowing of short-term market volatility, but mid- to long-term expectations remain supported by anticipated rate cuts.