This round of rebound is essentially pricing in the expectation of rate cuts, and the pace will most likely drag on until the policy is actually implemented. The key now is to see how Powell will signal next—whether he stays hawkish or turns dovish. Just a single sentence from him can keep the market busy for weeks.

Even more dramatic moves are happening on-chain. A whale directly dumped 70 million USDC into Hyperliquid, sweeping up 54,000 ETH long positions at the $3,048 price level within a few hours, for a total position of $166 million. Currently, the unrealized profit is already $910,000.

Big money has already gotten in ahead of time; now it’s up to retail investors to see if they dare to follow.