Federal Reserve Chairman Powell's rhetoric gradually evolved from "hawkish pause" to "moderate pause", which brought positive expectations to the market. Powell's speech in the early morning was relatively mild, announcing that he would not raise interest rates this month, but focused more on observing various data regarding the possibility of raising interest rates in December. He emphasized that the two suspensions of interest rate hikes did not mean that interest rates would be raised again in the future. This attitude was interpreted by many media as more moderate. Powell said that high interest rates are not directly related to whether the Fed raises interest rates. Factors that determine whether to raise interest rates include employment, core inflation and financial problems. The mention of financial issues was interpreted by the market as a "dovish" statement, so the market began to speculate on the possibility of suspending interest rate increases. U.S. stocks performed well, with the Nasdaq rising 1.64%, the S&P 500 rising 1.05%, and the cryptocurrency trading platform Coinbase rising 0.89%. Although U.S. stocks had pulled back the day before, market sentiment improved due to the Federal Reserve's dovish speech, and bond yields on U.S. stocks also saw a relatively mild decline. The CME futures index has far exceeded the spot market, showing that the futures market holds bullish sentiment and is optimistic about the rise of Bitcoin. Regardless of whether the Fed raises interest rates next month, markets should understand that high interest rates are likely to remain high for some time. Therefore, the current market sentiment requires attention to market capital flows following FOMO (fear of missing out). Later we will continue to pay attention to the flow of funds in the crypto market, paying special attention to the flow of funds in the Asian market and the American market. #BTC #ETH。