The July rate decision itself is no surprise: the market generally expects no changes, with the focus on whether Walsh will signal a rate cut in September during the press conference. If the Fed adopts a more 'hawkish' stance, short-term high-leverage funds could face liquidation risks; if a clear rate cut signal is released, risk assets will undergo a liquidity revaluation. Over the past two days, U.S. Treasury yields and the Dollar Index have been in a narrow range of fluctuations, while BTC has dropped in advance—this is a classic 'quiet period before the news lands.'