Another day full of talking, but today I feel like my cough and runny nose have improved a lot. It’s about time to recover—it’s been so many days already. Hopefully, I can head home tomorrow and get back to my usual writing routine by Monday. This month has been super busy though, with Token2049 coming up soon and KBW just wrapped up. But this time, I took the opportunity to explain my understanding of RWA and on-chain brokerages to my friends in detail, which also helped me organize my own thoughts. Pretty productive! The weekend market played out pretty much as expected. During the day, both BTC and ETH rallied, sparking a small wave of altcoin action. In the evening, there was a bit of a pullback—maybe the crypto market is reacting to Trump’s comments about China tariffs? But that’s more of a NATO and China issue, and nothing concrete has been decided yet, so hopefully, it won’t have much of an impact. Looking at Bitcoin’s data, liquidity started to decrease as expected on Saturday, and unless something unexpected happens, Sunday’s liquidity should drop even further. Honestly, maintaining this kind of stability over the weekend is already pretty good. After all, weekends are either uneventful or full of major events. But right now, both the political and sentiment levels seem decent, so there shouldn’t be any big issues. Next week’s focus will be on the Fed’s interest rate meeting and the dot plot. The first round of clashes between Trump and Powell is about to begin, and the entire market is eagerly waiting to see how this plays out. The black swan event would probably be no rate cut in September, but a rate hike is definitely off the table. Sponsored by Bitget ｜ @Bitget_zh