News

BlockBeats News, December 19, the U.S. November CPI came in below expectations across the board, with overall CPI annual rate dropping to 2.7% and core CPI falling to 2.6%, both hitting more than two-year lows. Due to the government shutdown, the absence of October CPI data has led to controversy over a downward bias in this inflation data, but the market still quickly interpreted it as a continuation of the slowing inflation trend. The U.S. dollar index weakened in the short term, while gold and non-U.S. assets rebounded simultaneously. The reaction of the interest rate market is particularly crucial. Federal funds rate futures show that the market's pricing for Fed rate cuts next year has risen again and is now extending its outlook to a longer cycle—currently expecting policy rates to be eased by about 3 basis points by the end of 2026, indicating that capital has already started positioning for a "long-cycle easing" narrative. Several strategists pointed out that if subsequent inflation and employment both weaken, the Fed's internal policy debate will clearly tilt toward the dovish side. It is worth noting that initial jobless claims have fallen back to 224,000, indicating that the labor market has not yet experienced uncontrolled deterioration, which in the short term limits the market's imagination for "rapid rate cuts." The current macro environment is closer to a combination of "cooling inflation + stable but slightly weak employment," meaning that policy shifts will focus on pace management rather than aggressive easing. Bitunix analyst: From a practical perspective, the market has already started to use "medium- to long-term interest rate declines" as the core pricing anchor. In the coming period, the key for crypto and risk assets lies in: first, whether the yield curve continues to steepen in a bull market, confirming the entry of long-term capital; second, whether the U.S. dollar rebound remains weak, creating conditions for capital outflows; third, whether the decline in inflation can resonate with weakening employment. Under this framework, the market is more likely to show a "pullback accumulation, range elevation" structural evolution, rather than a unilateral rapid trend.

Bank of Japan Governor Kazuo Ueda stated that the stock effect of Japanese government bonds held by the Bank of Japan is still having a certain degree of impact.

BlockBeats News, December 19, according to Hyperinsight monitoring, "Brother Ma Ji" Huang Licheng reduced his leverage on a 25x ETH long position he opened on Hyperliquid in the past 20 minutes. He closed a total of 700 ETH long contracts, and currently holds 4600 ETH in long positions, worth approximately $13.65 million, with an unrealized profit of $236,000 (+42.49%).