After the data was released, CPI was lower than expected, which was good news. Then the market took a sharp turn for the worse. There may be three reasons:

1. The surprising thing in the CPI report is that rents are rising at an accelerated rate, indicating that inflation is still a bit high. The Fed is likely to choose to slow down the first rate cut and then consider a larger rate cut. So the market is a bit disappointed.

2. Iran's banking system suffered a large-scale cyber attack

Preliminary assessments show that this may be one of the largest cyber attacks on Iran's national infrastructure.

Originally, Iran was not going to make trouble, and this increased the possibility of conflict

3. Some BTC transferred by Mentougou have been continuously shipped during this period, which will also bring selling pressure to the market

Last night, 33,105 BTC were transferred from Mentougou's wallet address, worth about US$1.97 billion