**[HTX DeepThink: U.S. Government Shutdown Continues to Disrupt Data Visibility, Market Focuses on Potential QE After Fed Pivot]** BlockBeats News, November 10: Chloe, a columnist for HTX DeepThink and researcher at HTX Research, pointed out that the U.S. government shutdown has persisted for over a month, with no substantial progress in budget negotiations between the two parties. This has led to a lack of official economic data, forcing the market to rely on private sector indicators to assess economic trends. ADP data shows that private sector job growth slowed to 42,000 in October, while wage growth remained steady at 4.5%, indicating a significant cooling in the labor market. The strengthening U.S. dollar caused gold to drop approximately 1.5% over the week, and market expectations for a December rate cut fell to around 71%. On-chain data reveals that Bitcoin whales have reduced positions at high levels and reaccumulated at lower levels. Institutional buying continues to enter through OTC channels, while stablecoin net inflows reached $2.8 billion but showed signs of slowing, reflecting cautious sentiment among investors. The Federal Reserve announced that it will end quantitative tightening (QT) starting in December and reinvest maturing MBS funds into short-term Treasury bonds, signaling liquidity easing. Market expectations suggest that if the government shutdown ends and economic data resumes, the Fed may consider restarting quantitative easing (QE) early next year to address weak demand for U.S. Treasuries and the risks posed by high yields. Analysts believe that the direction of subsequent policies will depend on the outcome of fiscal negotiations and the December FOMC meeting.