The recent market situation has indeed been a bit perplexing. Expectations of rising December CPI data in the US, with core month-over-month possibly reaching 0.4%, yet the stock market remains steady and seemingly unaffected. What's really going on?

Actually, the logic is quite clear—the market is focused on food and housing costs. As long as there are no runaway price increases in these two areas, the current inflation pressure isn't a major problem. Analyst Chris Lau pointed out that the bullish outlook remains solid. Additionally, the latest survey shows only 2% of investors are betting on a recession, with the vast majority still believing in a "soft landing" scenario.

Looking at the Federal Reserve's stance, officials have recently been vocal, with a clear signal: a rate cut in January is unlikely. The labor market remains robust, with the unemployment rate back at 4.4%, and the overall economy shows enough resilience, so there's no need to rush to loosen policy.

The real challenge has emerged: the dollar is fluctuating, the RMB is strengthening, and how can Bitcoin break through?

Actually, there's no need to be too pessimistic. Good news is accumulating. First, institutional investors continue to increase their holdings—Bernstein maintains a target price of $150,000 by 2026, indicating that large funds believe the bottom has already appeared. Second, new capital is coming in—South Korea has just lifted the ban on corporate participation in the crypto market, allowing eligible companies to invest up to 5% of their net assets into this field, which is a tangible influx of fresh funds. Most importantly, despite short-term selling pressure, institutional long-term confidence remains unshaken.

Returning to the real question: in the context of "high inflation + no Fed rate cuts," what is your choice? Hold firmly or first hedge risks? Feel free to share your thoughts in the comments, exchange viewpoints, remind each other, and avoid detours.