There used to be a pattern: whenever the Federal Reserve turned hawkish, $BTC would basically take a hit first. This time, however, it's a bit different. The expectation of rate hikes remains, and U.S. Treasury yields stay high. Although BTC pulled back after surging near 87,000, it didn't experience a freefall. The market's resilience, I think, mainly comes down to a change in the capital structure. Previously, more chips in the market were held by leveraged players, so even a slight disturbance could trigger a chain of liquidations. Now, ETFs continuously absorb spot holdings, and corporate funds are also allocating more in. This portion of capital has a longer-term view and won't rush out just because of a single interest rate announcement. Another obvious point is that many people now regard BTC as a long-term allocation again, rather than merely a tool for chasing rallies and selling off. Global debt is increasing, the purchasing power of fiat currencies remains an issue, and the fixed total supply aspect is being emphasized again. High interest rates are still a pressure, with U.S. Treasury yields standing firm, so opportunity costs won't disappear. But now it feels more like interest rates determine the speed of the rise, rather than a rate hike announcement alone being able to crash the market outright.

On September 23, the total cryptocurrency market cap intraday rose back above $3 trillion, with a single-day increase of about 4.3%. $BTC returned near 86,000, $ETH reached $2,745, and major coins like $SOL, XRP, and DOGE all rose more than 6%, with funds beginning to spread from BTC to other sectors. ETF funds also saw changes: BTC spot ETF net inflows reached nearly $1 billion in a single day, hitting a new high since late October 2025. In contrast, ETH ETF had a net outflow of about $140 million last week, showing that fund choices are not entirely consistent. Altcoins are starting to show signs of relay rotation, and whales are continuously adjusting their positions. ETH saw whale position swaps and staking actions, while ZEC had a whale dormant for 10 months deposit about $15 million to Coinbase. However, the open interest in perpetual contracts has risen to around $160 billion. The hotter the market, the easier it is for leveraged funds to amplify volatility. In this current broad rally environment, the speed of hotspot rotation may significantly accelerate. #BTC冲高$87000，加密总市值重返3万亿

OKX has paid the salary, continuing to buy spot $ETH $ today Lately, I really can feel that the income from OKX is not as much as before, but since I still have this income, I want to slowly convert it into spot. This time it's still ETH, no contracts, and I don't want to mess around because of short-term price fluctuations. The lessons from contracts before have been enough, now I prefer to slow down the pace a bit. Buy a little when the salary arrives, the amount doesn't need to be too big, accumulate slowly. Don't chase when the market is good, don't panic during pullbacks, at least spot doesn't require watching the liquidation line every day.

$BTC's rebound this time is indeed strong, with the price already near $84,000, a 24-hour increase of 4.71%. The intraday low once hit $80,246, then quickly pulled back to around $84,000. From the market perspective, this time it didn't grind up slowly but quickly reclaimed lost ground from around $80,000. Short-term funds have clearly become active again. Previously, market sentiment was cautious; once the price dropped, people immediately worried about further breakdowns. Now, instead, there is a growing chasing-the-rally sentiment. The area around $80,000 remains quite important, as today's low was exactly $80,246. As long as the price continues to stay above $80,000, the structure of this rebound is not yet broken. On the upside, the focus is first on whether the $84,000 level can hold steadily. If it can continue to push higher highs, market sentiment will further heat up. However, after continuous rises, one cannot completely ignore pullbacks. The biggest short-term risk is a too rapid surge, followed by quick fluctuations as funds take profits.