#BTC资金流动性 December economic data released, and signs of slowing growth in the US are very clear.

The S&P Global Composite Purchasing Managers' Index dropped to 53.0, the lowest in six months. Both the services and manufacturing sectors are declining, indicating that business activity is indeed cooling down. More concerning is that—new business growth hit a nearly 20-month low, and new orders for goods experienced their first negative growth in a year. Demand, the main engine of the economy, is starting to struggle.

The official forecast for Q4 growth remains at 2.5%, but the problem is that growth has been slowing for two consecutive months. The pressure in the coming months will be even greater.

What about the Federal Reserve? Their stance is even more interesting. The minutes mention that inflation expectations carry trade policy risks and reveal that interest rates "may still not be strict enough." It sounds hawkish. Although the rate was cut by 25 basis points as scheduled in December, disagreements among officials have actually increased. The dot plot suggests that in 2026-2027, rate cuts might happen only once a year, clearly slowing down. Bloomberg's interest rate futures data also confirms this—the market expects only about 40 basis points of cuts in 2025, less than two rounds.

The rate-cut cycle seems to be coming to an end. What does this mean? The market environment for assets like $BTC, $ETH will change. On the eve of a major bear market, it might actually be the beginning of some rebound opportunities. Stay tuned and seize the upcoming market moves.