#市场观察 The overnight market analysis reveals several details worth following:

**BTC, ETH, and SOL surge collectively** This wave primarily benefits from expectations of interest rate cuts by the Federal Reserve, and Hasset's comments indeed provided the market with imaginative space. However, the real test will be the interest rate meeting and the dot plot early Thursday morning, and the volatility will surely increase—this is the time when risk control is most crucial. Friends who copy trades need to clearly see how that expert handles such high-risk windows, whether they reduce positions in advance to avoid risk or leverage up to bet on direction; this reveals a trader's true skill level.

**The 74% surge of PIPPIN in a single day is the most dangerous.** The funding rate has turned positive, and perpetual contracts are becoming active, indicating that bullish sentiment in the market is rampant. Reversal trends are most likely to trap those who follow the trend – if you jump in, you might be the last one holding the bag. The recommended approach is to observe, not rush to get in, and see how reliable traders choose to act, whether to chase or avoid.

The **Bitwise Crypto Index Fund** is an interesting matter, but I noticed that DOGE is not included. This indicates that mainstream institutions still have some reservations about Meme coins. The surge and subsequent drop after TRUMP promoted the mobile game also confirmed this—some of the hype is illusory.

Now is the time to seize structural opportunities, but the premise is to find those experts who understand stop-losses and can control drawdowns to follow. Don't be dazzled by short-term gains.