#数字资产市场洞察 Recently, the U.S. economic data has shattered market expectations—the GDP growth rate for the third quarter soared to 4.2%, far exceeding analysts' forecast of 2.5%. The numbers are indeed impressive, but this has led the market into a strange predicament.

In theory, good news should drive up stock prices, but in reality, it has reversed. Wall Street's logic is as follows: Strong economy → Concerns about future interest rate hikes → Selling stocks to cut losses. Good news has instead become bad news, and this strange phenomenon of "good news not rising" has often played out over the past two years.

There is a viewpoint that there is a misunderstanding here. What truly drives up inflation is policy mistakes, not economic growth itself. Strong growth and low inflation can coexist completely—just look at the performance of the U.S. economy in recent years. If the market is worried about inflation, then inflation will adjust itself, and there is no need to raise interest rates prematurely to artificially suppress it.

The core difference here lies in the central bank's approach. There are voices advocating that the central bank chairman should lower interest rates in response to a favorable market, rather than rigidly sticking to an outdated tightening logic. In other words, the market should move as it pleases, and policies should align with economic realities, not the other way around.

For the cryptocurrency market, such macro policy debates directly affect liquidity expectations. $BTC , as a risk asset, is closely related to the stock market and expectations of interest rate cuts. The key to the whole story is whether policymakers and market participants have a consistent understanding of growth, inflation, and interest rates.