According to CoinMeta, in the past week, the holdings of Bitcoin whales have been approximately 5.23 million BTC, with the holding volume remaining almost unchanged. The market is awaiting the upcoming release of CPI data and the FOMC meeting. Currently, the market is in a highly sensitive period of observation, with all funds waiting for the final guidance on inflation data and interest rate decisions. The CPI data will directly determine the subsequent monetary policy path of the Federal Reserve, while the FOMC meeting will clarify the duration during which interest rates will remain high. This macro-level uncertainty has suppressed the volatility of the crypto market, leading whales to choose to remain inactive in order to avoid potential policy shocks. Once the key data is released, the market will quickly break out of the current sideways stalemate and choose a clear direction.