the rise in US stocks is mainly driven by gamma hedging and CTA, and is less affected by whether the Fed cuts interest rates or not. Once the uncertainty is resolved, U.S. stocks tend to rise in a straight line. The impact of interest rate cuts on Bitcoin liquidity is greater, but not limited to that. Interest rate cuts affect short-term interest rates, while long-end interest rates have a greater impact on risk assets. For example, a 0.25 percentage point rate hike with a 25 basis point incr...