The market operations are really hard to understand. Over on Polymarket, traders piled up the probability of a 25 basis point rate cut in December to 90%, yet Bitcoin plummeted by 8% this morning, with the price sliding all the way down to the $84,000 level. Where's the favourable information about the rate cut?

The big shots are arguing even more heatedly. On Musk's side, he is still supporting Bitcoin, saying that it cannot be printed randomly as it is linked to energy, which is quite a hardcore logic. However, analyst Willy Woo directly poured cold water on this—printing money does not necessarily raise coin prices; he believes that Bitcoin may have already reached its peak, and the inflow of funds has clearly slowed down.

More explosive news is coming: Trump has basically finalized that economic advisor Kevin Hassett will replace Powell as chairman of the Federal Reserve in May next year. These two have often criticized the Federal Reserve for being too slow to cut interest rates, but now that a change is really happening, will the monetary policy take a big turn?

There are also two factions on the institutional side. Grayscale directly criticized the traditional four-year cycle theory as outdated, stating that this bull market is supported by institutional funds, and the recent pullback is quite normal. They predict that Bitcoin will achieve new highs next year, and the Federal Reserve will most likely lower rates again in December. A BlackRock executive, on the other hand, broadened the perspective, saying that tokenization will completely restructure the financial market, and in the future, all assets can be managed in digital wallets.

The current situation is: the market is calling for interest rate cuts, but the coin prices have plummeted short-term, bulls and bears are clashing, the central bank may be about to change, and institutions are still debating the cyclical logic. This volatility is likely just beginning.