#美国通胀数据# The new highs in the US stock market are indeed eye-catching, but I am more focused on the driving factors behind them. The inflation data met expectations, which intensified the market's anticipation for a rate cut in September, a key factor driving the stock market pump. Both the S&P 500 and the Nasdaq reached historic highs, showing an optimistic market sentiment.

From on-chain data, has this optimistic sentiment already been reflected in the cryptocurrency market? I will closely follow the capital flow of major tokens and the activities of large addresses. If I see significant capital inflow or whale accumulation, it may indicate that the crypto market is also about to experience a pump.

However, it is important to be cautious as the market may have over-interpreted this inflation data. I will continue to track on-chain contract data, especially changes in the options and derivatives markets, to assess market participants' true expectations for future trends. In the short term, it may be wiser to remain cautiously observant.