According to CoinMeta, in its macro thematic report on September 10, QCP Capital pointed out that the Fed's interest rate hike in September had locked in this round of tightening cycle. Among the seven voting officials, six were pro-tightening (hawkish). Kashkari, Musalem, and Goolsbee all emphasized that inflation was widespread and that there was real pressure on the demand side. The policy interest rate is now at 3.75%-4.00%, confirming a restrictive bias. Subsequently, the Bank of Japan raised its interest rate from 1.00%, with the next hike expected in the fourth quarter. The report stated that as central banks tightened simultaneously, the support for the US dollar weakened, leading to net long positions in the Japanese yen among leveraged funds and the closing of long positions in the British pound. The US SEC approved exemptions for tokenized stocks, and Bitcoin ETF saw capital flows approaching the 99th percentile. There is expected to be seasonal buying in the fourth quarter, and Strategy resumed increasing its holdings by 950 BTC, costing $75.7 million.