Hai Ge observes daily on December 18, 2023: After the release of CPI data in November, the market improved and there were more bullish indicators. But there are still some strange signals here, and caution should still be exercised. The details are as follows. Today, a total of 32 indicators were observed: 12 indicators showed bullish (5 more than yesterday), 8 indicators showed bearish, and 5 indicators showed uncertain. Among the key selling indicators, 2 are long, 3 are short, and 2 are uncertain. Just announced that the core CPI for November was 2.6%, significantly lower than expected. As I mentioned earlier, this data strongly supports the Federal Reserve's decision to cut interest rates last time, and also provides more sufficient reasons for greater easing in the next round. Therefore, the data shows that the probability of a rate cut in January has increased slightly. At present, although this data is not enough to make the Federal Reserve make a decision to cut interest rates in January, the subsequent direction seems to have become clearer: on the one hand, inflation may not be as exaggerated as advertised by the outside world, and the inflation problem caused by tariffs may gradually ease over time; On the other hand, the sustained downturn in employment reflects that the economy is continuously declining. In this way, there will be more reasons for the Federal Reserve to loosen its policies in subsequent decision-making considerations, including interest rate cuts and a certain degree of QE. In addition, regarding the issue of the upcoming Japanese yen interest rate hike tomorrow, based on the USD/JPY exchange rate situation, there should be no need to worry too much. In recent days, there has been a significant rebound in the exchange rate, which may reflect the situation tomorrow: while the Japanese yen is raising interest rates, a relatively dovish signal is being released to the outside world. Therefore, the most headache inducing issue at present is not the impact of these macro data on Bitcoin, but rather some signals on the supply and demand side that require us to be vigilant. Currently, there are still significant differences in the market, which I will explain later. The key indicators to be mentioned today are: 1) At present, several macro indicators have basically turned bullish, but the data of stablecoins shows that funds are flowing out, which is one of the strange phenomena; 2) There is a divergence in two institutional indicators: Yesterday, Coinbase began to show a negative premium, indicating institutional bearish sentiment, but the Bitcoin ETF achieved its highest net inflow in a month, even approaching the level of the October high period. This is the second strange phenomenon. So, based on the recent trend of Bitcoin, the only reason that can explain these strange phenomena is supply and demand. This indicates that some whales are continuing to sell, but there are still some institutions continuing to buy. It is still unknown who will ultimately win. The above is the indicator situation and fundamental analysis monitored by Hai Ge for everyone today, hoping to be useful to everyone.