The Federal Reserve minutes did not bring new content, but market sentiment has clearly improved. U.S. stocks recovered from their losses and reached new highs, driving $BTC to rebound above $123,000. The strength of U.S. stocks naturally boosted the sentiment for risk assets. Minute-level data also shows that the Nasdaq futures and BTC trends are highly correlated, with the main driving force coming from U.S. investors after the stock market opened, while Asian and European markets remain cautious.

The Republican bill failed to pass, and the government shutdown will continue, with the market expecting it to extend for 24 days. The Federal Reserve may be forced to make decisions in a "guessing" state. On-chain data shows that the BTC holding structure remains stable, short-term panic selling has been released, and long-term holders are still holding steady, unless there is a systemic negative factor, otherwise the downside potential for prices is limited.

This article is sponsored by #Bitget ｜ @Bitget_zh

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