The weekend just passed, and a big news broke overseas — there are rumors that Powell is preparing to resign in an emergency. Although it was quickly labeled as "rumor," the subtlety of the situation lies in the timing.

As soon as the rumors began, Trump jumped out today to state, "I already know who to choose as chairman," while the popular candidate Hassett mentioned did not respond directly. With these several events happening in succession, how could the market not think more? The core focus is only one: will the Fed's future policy direction make a significant turn?

For the cryptocurrency market, this kind of personnel uncertainty is more damaging than economic data. Bitcoin has always been a barometer of macro sentiment, being the most sensitive to signals of changes in top-level decision-making. If the market starts to bet on "the Federal Reserve turning dovish," risk assets may experience a rebound in the short term; however, if it evolves into a questioning of central bank independence, the direction of volatility becomes uncertain.

My personal opinion is: whether the rumors are true or not is not the key point; the crucial part is that it has stirred the market expectations, and these expectations will be traded with real money. Interestingly, Powell has a public speech tomorrow morning, and the timing seems almost deliberately designed — everyone will be watching his every word for signals.

What we can do now is: stay calm and see if the authorities will come out to cool things down, and pay more attention to what Powell himself will say tomorrow, whether it will be understated or have hidden meanings. Before the direction is clear, stabilizing is more important than anything else.