BTC dropped to 74,913 yesterday due to the surge in U.S. Treasury yields and the procedural vote failure of the U.S. Senate's CLARITY Act but later recovered to 76K, aiming to consolidate around 75,800. At 2:00 AM Beijing time on September 17, the FOMC interest rate decision will be announced, followed by a press conference at 2:30 AM, along with economic forecasts and the dot plot. As of today, the interest rate futures market has priced in about a 92% chance of a 25bp rate hike. The 10-year U.S. Treasury yield briefly broke above 5% again during the session. The market is no longer trading on "whether there will be a rate hike" but rather on "whether there will be more hikes after this one," making Waller's speech and the dot plot crucial. If there’s a 25bp hike but Waller doesn’t signal further rate hikes, the current decline might have already priced in the rate hike expectations. On the other hand, if Waller continues to take a hawkish stance on curbing inflation and the dot plot suggests further rate hikes, the market will enter a "rate hike cycle" and continue to decline. So, tonight is going to be quite complex—waiting for Waller’s direction. bitcoin:native