If economic data continues to weaken, the Federal Reserve's room to cut interest rates may be reactivated; conversely, if the data exceeds expectations, risk assets might still face some pressure for a period. The mechanism by which such macro signals influence the crypto market is quite interesting — it’s usually not a direct impact, but rather transmitted gradually through multiple channels such as liquidity expectations and risk appetite.

Regulatory developments are also taking new steps. The Supreme Court of South Korea recently made a key ruling: Bitcoin held in exchanges is officially classified as "electronic record assets" that can be seized. This ruling has significant implications for the legal status of crypto assets, and the evolution of regulatory frameworks in various countries warrants ongoing attention.