#XRP现货ETF将上线 The U.S. government has restarted, the biggest Unfavourable Information has come to an end, inflation and national debt have become key to Bitcoin liquidity. The U.S. Senate has passed a short-term funding bill, aiming to provide funding for government agencies until January 30, 2026, and it has now been submitted to the House of Representatives for approval.

The bill will end a 41-day government shutdown, allowing the shuttered statistical agencies to resume operations, restoring normalcy to Treasury auctions, and restarting the release of official data that supports interest rate expectations and the value of the dollar. Consequently, inflation data and Treasury issuance will once again become core variables affecting Bitcoin's price movements.

For cryptocurrencies, the core value of government reboots lies in restoring macro data supply, allowing government bond issuance to return to a predictable rhythm, while clarifying the direction of short-term real interest rates. These factors directly influence Bitcoin's market risk appetite and the flow of funds into spot ETFs.

During the suspension period, key data releases were paused by institutions such as the Labor Statistics Bureau. Now the data calendar is clear: on November 13, the October CPI and real income data will be released, on the 14th the PPI will be published, and on the 18th the import and export price index will be introduced. This data will shift the market focus back from fiscal news to inflation and the labor market, thereby adjusting interest rate bets and the dollar's trend.

For Bitcoin, the implied real interest rate of the 10-year TIPS is a key indicator, and currently, this rate is 1.83%, which is higher than the mid-year level.

If the CPI data is mild, the real interest rates are expected to fall, and the financial environment will be more accommodative, which will be favorable for risk assets. It may also tighten ETF spreads and improve the depth of the cryptocurrency secondary market. Currently, the depth of the cryptocurrency order book has significantly improved compared to 2022-2023, and the slippage for large transactions is lower, allowing macro-driven capital flows to transmit more smoothly to prices.