The big dump from last night hasn't calmed down yet, and today the market is facing new variables. Bitcoin briefly fell below $87,000, with a drop of over 5%, triggered by a statement from a certain leader regarding the Fed's new chairperson candidate, which ignited fears of a power transition. However, now, three forces are brewing simultaneously, and the plot may be about to reverse.

First, the most urgent matter - Powell is about to speak. The Fed chair is scheduled to give a speech at 9 a.m. Beijing time on December 2nd. The "resignation" rumors that have been swirling in the market should have an explanation this time. How global liquidity will move depends on his statement.

The second thing is even more explosive. Czech National Bank Governor Aleš Michl publicly stated that Bitcoin "has zero correlation with bonds and is an interesting asset in large investment portfolios." They officially proposed to invest up to 5% of the national foreign exchange reserves (approximately $7.3 billion) into Bitcoin. If this goes through, it will be the first time a major Western central bank buys Bitcoin.

The third force comes from the whales. Michael Saylor, the co-founder of MicroStrategy, posted a holding chart full of green dots, suggesting that they will continue to increase their positions. The company now holds nearly 650,000 BTC, with a market value of approximately $60 billion, making it the publicly traded company with the largest holdings in the world.

Many analysts believe that this pullback is just a "leverage washout," and the real macro landscape is actually being reshuffled. The Fed has already stopped tapering on December 1, which is a clear signal of a shift towards a looser monetary policy. According to data from the Czech central bank, if 5% of Bitcoin had been allocated over the past decade, the annualized return could have been an additional 3.5 percentage points. This logic can be calculated by global pensions and sovereign funds.

The question now is whether this wave of adjustment is a trap or an opportunity to get on board? The market is at a crucial juncture.