Tonight, the cryptocurrency market will experience dual major catalysts: PPI data and Trump's nomination of the Federal Reserve Chair. These two events will become the core anchors for short-term market sentiment and capital flow direction, with market volatility likely to increase significantly. The PPI released at 21:30, as a forward-looking inflation indicator, directly relates to the Fed's rate cut pace: if the data falls below expectations, it will reinforce expectations of rate cuts, driving a liquidity-driven rally in crypto assets; if the data exceeds expectations, it may delay the rate cut timetable, potentially triggering risk-off selling. Meanwhile, Trump's nomination of the Fed Chair and his statement about lowering interest rates to the lowest in the world further amplify policy expectation games: if a dovish candidate is nominated, market expectations for rate cuts will be brought forward, and Bitcoin and Ethereum may see a trendful surge; if a hawkish or ambiguous candidate is chosen, the uncertainty around policy expectations will cause the crypto market to enter a period of consolidation. Currently, the market is in a "data validation + policy game" dual-sensitive period, with strong risk-averse sentiment. It is not recommended to blindly increase positions in the short term. Wait until the two major events are confirmed and the market direction becomes clear before strategically deploying, to avoid trading risks caused by repeated fluctuations.