According to CoinMeta, data released on Wednesday by the US shows that underlying price pressures continue, while Bitcoin prices exhibit volatility. Inflationary pressures remain persistent without any obvious relief, which directly weakens market expectations of the Federal Reserve shifting to a more accommodative stance in the short term. Core price stickiness forces monetary policy to maintain a tight stance, thereby suppressing the liquidity premium of risk assets. The sharp fluctuations in Bitcoin prices reflect investors' long-term aversion to a high-interest-rate environment. This data has completely shattered the market's optimistic fantasies about the pace of interest rate cuts, and market funds are accelerating their return to US dollar assets to avoid policy risks.