Every time before the weekend, I worry about unexpected issues. Today’s drop should be attributed to the oracle bone script, which has affected the entire AI sector, and the AI sector in turn influences tech stocks. Therefore, Bitcoin's movement is also normal. Speaking of which, $BTC has been hovering around $90,000 for the past few days. It just surged due to favorable interest rate cuts, but after just a couple of days, it was pulled down for various reasons, mainly due to poor liquidity and low investor sentiment.

From the data on spot ETFs, it can be seen that although the selling volume is not significant, the buying volume is pitifully low. This indicates that more ETF investors are looking at the long term, but there is little interest in buying at this stage. Even retail investors are starting to exit from the U.S. stock market. Therefore, if liquidity does not improve or if there are no direct positive stimuli for the cryptocurrency sector, it will be quite difficult to boost sentiment.

Today is the last working day of the week. I wonder if this low sentiment will carry over into the weekend. Next week, there will be more macro data released, especially the unemployment rate, which is currently a key focus. If the unemployment rate continues to rise and the job market weakens, the probability of the Federal Reserve cutting interest rates in January is quite high.

Looking back at Bitcoin's data, although the turnover rate has decreased somewhat, it is still at a relatively high level. Short-term investors' sentiment is still quite tense, but long-term investors' sentiment remains very stable. The current market is starting to wait for data to gauge the Federal Reserve's upcoming monetary policy. Overall, it’s a matter of seeing which comes first: recession or monetary easing.

URPD data shows that the chip structure is still very stable, and the sentiment of most investors is very healthy. There are no signs of panic selling from investors who are at a loss at high positions. Tomorrow is the weekend; I hope nothing goes wrong and that we can pass through it smoothly.

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