Today's homework submission is a bit tricky, especially the competition between 25 and 50. It seems to be positive, as the US stocks have been fluctuating during Powell's speech. Even though it seems to have ended now, the ups and downs of the US stocks are still fluctuating. It seems to be negative, as the emotions of occasional rises are still present.

Purely from Powell's speech, he has been emphasizing the relationship between the labor market and inflation, believing that a balance has been reached and that the current Fed is ahead of the economy (employment). He also believes that a 50 basis point rate cut is still defensive, without expecting any issues in the US economy.

Although the market has anticipated a 50 basis point rate cut by the Fed, Powell's explanation doesn't seem to be fully accepted. Interestingly, after the rate cut, the US dollar index rose back above 101, and long-term US bond yields rose. So personally, I think the market is still in a game phase and there is no clear answer yet.

Whether the US economy is entering a recession, and whether the Fed is seeing information that investors cannot see and choosing to prevent problems by "leading the way," these are the concerns of investors. But obviously, Powell's answers today did not satisfy the market, so the battle between long and short positions may not be today, but tomorrow, after the market calms down.

Today, #BTC's on-chain data mostly reflects the data before the rate cut, and the data after the rate cut will have to be seen tomorrow. There is no obvious flight to safety in the data, which means that early investors did not choose to exit due to concerns about the rate cut. The highest turnover is still from investors who bought the dip in the last two days, and there has been a significant reduction in holdings by investors who have made profits recently, while early investors have not shown any significant action.

Let's look at more data tomorrow.

The data has been updated, link: https://docs.google.com/spreadsheets/d/1E9awSVwrVOxKOiaMdYT5YZvfveeFd9ENU-iO6dVcGj0/edit?usp=sharing

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