On Monday, $BTC pulled back to the $111,000 level, but U.S. stocks showed limited volatility, with the Nasdaq and S&P fluctuating only 0.2%, indicating that systemic risk has not yet formed. The market's focus remains on the game between Trump and the Federal Reserve regarding interest rate cuts, with the probability of a rate cut falling to 82.2%. Barclays anticipates that the U.S. economy may fall into stagnation and predicts one rate cut each in September and December, but this has not shaken the sentiment in U.S. stocks.

On-chain data shows that this round of decline is mainly driven by short-term bottom-fishing funds, with early holders reacting mildly. The $111,000 to $112,000 range still has support. Plans are to observe whether U.S. stocks replicate last week's accelerated decline on Tuesday before deciding on subsequent actions.

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