Today, the crypto market plunged as the Fed's PCE data fell across the board and Williams reiterated the tone of further rate cuts, but BTC remained strong, and traders bet that the expectation of rate cuts next year will turn to a more conservative one.

Against the background of the failure of Grayscale's GBTC transformation plan, long-term holders have sold 1 million BTC since September, and sold 70,000 in a single day yesterday; at the same time, before the EU MiCA came into effect, many exchanges removed USDT from the market, affecting market liquidity, and ETH/BTC fell to 0.0339, a new low in nearly three years.

Data shows that institutional sentiment is divided, and 33% of BlackRock IBIT's pre-market trading volume of US$2.16 billion today was actively bought.

At present, it is still a close call.