Despite the pressure in the stock market, cryptocurrencies are experiencing a rebound. Over the past 24 hours, the overall market capitalization has increased by more than 5%, with Bitcoin briefly breaking through $96,495 and Ethereum regaining the $3,300 level. Some key indicators in the derivatives market are beginning to heat up, and the market is sensing an acceleration in upward momentum.

The turning point lies in the CPI data. The December US Consumer Price Index was released, with core CPI( excluding food and energy) rising only 0.2% month-on-month and 2.6% year-on-year, both below economists' expectations( estimated at 0.3% and 2.8%). This result directly changed market expectations regarding Federal Reserve policy—traders are now betting that the next rate cut will not happen until mid-2026, significantly later than previous timelines.

Ironically, despite JPMorgan Chase's impressive Q4 earnings report( with revenue and profit exceeding expectations), its stock price plummeted by 4.2%. The CFO signaled that the banking industry might oppose the current US government proposal to cap credit card interest rates at 10%, and this policy disagreement directly suppressed financial stocks.

In the broader macro context, other assets are also showing signs of movement. Influenced by geopolitical developments, Brent crude oil experienced its four-day largest increase since June; silver strengthened, setting a historic streak of three consecutive positive days. Political changes in Japan( with an increased likelihood of early elections) caused the yen to briefly fall to an 18-month low, reflecting an overall warming of market risk appetite.

From a macro liquidity perspective, although rate cut expectations have been delayed, the moderate inflation data provides some breathing room for risk assets( including cryptocurrencies). The next key factor is whether the derivatives market can sustain this momentum; breaking through technical barriers could trigger a new acceleration phase.