Feilong Daily｜May 28, 2026 (1) The big drop is here, and Brother Long got roasted by haters when he called for a short at 81,300. Bitcoin ($BTC) has fallen below 74,000, and Ethereum ($ETH) is under 2,000. MicroStrategy's holdings have flipped from profit to loss, with an unrealized loss of $1.92 billion. Their average holding price of $75,700 has also been breached. (2) Tonight at 20:30: PCE This is one of the most critical data points of the year. Market expectations: April PCE YoY at 3.8% (previous value 3.5%), core PCE at 3.3%. If the data confirms this, Walsh's hawkish stance will be "solidified," and rate hike expectations for the end of the year could heat up further. CME data shows: June is likely a pause, but the probability of a rate hike before year-end is clearly rising. (3) U.S.-Iran tensions escalate It's complete chaos now—fighting has broken out again. Iran launched missile and drone attacks, while Israel struck Lebanese infrastructure. The U.S. military has also initiated a new round of actions against Iranian military facilities near the Strait of Hormuz. (4) How to operate Before the 20:30 PCE release tonight, stay put for now. Hawkish PCE → Rate hike expectations rise → Risk assets remain under pressure. Dovish PCE → Short-term rebound, but the real direction depends on Walsh's first speech on 6/16 to set the tone. Keep your ammo ready and wait for the 49,000–50,000 bottom range to appear. Real opportunities often emerge in moments of panic. Good thing we reminded everyone to sell spot positions earlier. For contracts, short at the highs!