In the past two days, BTC has continuously set new highs, followed by a significant pullback, but ETH has strongly led altcoins to continue rising; this situation hasn't occurred in a long time, as this phenomenon typically appears in a clear bull market.

However, I believe this wave of market activity is a preemptive speculation on the Federal Reserve's interest rate cut expectations for September.

Nevertheless, it is a significant positive that Bitcoin has paused to allow altcoins to catch up, at least indicating that Bitcoin's market cap ratio may have reached its peak, and some of the funds that have accumulated in Bitcoin will flow into quality altcoins, which is beneficial for the overall development of the market moving forward.

From a macro perspective, yesterday's CPI data was a slight positive, but it was only a little better than expected, and it neither stopped the inflationary trend caused by the trade war nor changed the expectation of no interest rate cuts by the end of July.

In the short-term market outlook, if Bitcoin stabilizes around 116,000, ETH and altcoins still have the potential to continue rising, but as mentioned before: this time the main force's counterintuitive rise could be a trial run before a big surge, and there will inevitably be a significant pullback before a larger increase;

One should not chase the rise, especially with leveraged positions. If there is a promising spot that hasn't increased much yet, then one can buy a bit, and then it's a half-position operation to take profits, waiting to buy back in when it dips.