According to CoinMeta, Cloud, the chief analyst of Huobi HTX, stated that the liquidation of leverage in the crypto market is already quite substantial, and there is limited room for further short-term declines. In October, U.S. CPI exceeded expectations, and after the data was released, BTC fell to around $73,000, leading the market to bet on a 50-basis-point interest rate hike in December. Cloud believes that the probability of a 50-basis-point hike is not high, with a 25-basis-point hike still being the baseline scenario; the current decline is more likely a correction in pricing. He pointed out that the Federal Reserve values the continuity of data, and there have been very few cases in history where the pace of interest rate hikes has been changed due to a single month's CPI. A single month exceeding expectations is not enough to overturn the gradual path. Additionally, the credit spread has widened from 93 basis points to 348 basis points, indicating a substantial tightening of financial conditions, and another 50 basis points would equate to actively creating financial stability risks. In the crypto market, funding rates have turned negative, the open interest in perpetual contracts has decreased by nearly 20% in a week, and the Fear-Greed Index has fallen into a state of deep fear, so there is limited room for further short-term declines. However, a significant drop does not necessarily mean an immediate rebound; we need to wait for confirmation of a CPI over the next two months. If inflation continues to exceed expectations for two consecutive months and a 50-basis-point hike occurs, then a trend of decline will begin. Currently, the likelihood of this scenario is considered low.