The macro narrative has actually begun to shift from inflation to growth panic, For a long time, the only script for the market was the inflation narrative, with the Federal Reserve refusing to cut interest rates, leading to a tightening of funds and a sell-off of risky assets. The turning point came quickly, with PPI data exceeding expectations, but bond yields are falling. Explain why it is a turning point: In general, PPI extreme heat represents an increase in factory ex factory prices, If inflation cannot be suppressed, the Federal Reserve will not cut interest rates, and bond yields should soar. As a result, a large amount of funds began to buy US bonds, leading to a decrease in yields. To put it more bluntly, funds have started to bet that the real economy will have a big problem, regardless of the current inflation data. In order to avoid risks, funds must now rush to buy treasury bond. Moreover, if the economy really deteriorates, the Federal Reserve will not only have to cut interest rates in order to rescue the market, but will also be forced to accelerate rate cuts. So the market suddenly realized that what we should be more afraid of now than inflation is the economic growth rate turning downwards, or even falling into recession. List the relevant data below: -January PPI exceeded expectations, with core PPI reaching 3.6% year-on-year -January CPI year-on-year 2.4%, core CPI year-on-year 2.5% -The FOMC meeting on January 28th (US time) kept interest rates at 3.5% -3.75% -The yield of 10-year US Treasury bonds has fallen below 4% Another interesting piece of data is that the US dollar index (DXY) has fallen to around 97.7, indicating a continuous four week weakness. In fact, the macro level has been secretly releasing funds into risky assets, and the environment has begun to loosen. In addition, the speed at which BTC enters the monkey market is faster than expected, with ups and downs, alternating between ups and downs. However, this time the trend is moving towards a loose trend, which means that the bottom consensus will become stronger and stronger. The price center of BTC will gradually rise, although each surge will be accompanied by a wash level pullback, the low point will continue to rise.