January 13th, the reaction of the financial markets to the inflation data landing is worth noting. In the short term, the market seems to have shaken off the recent suppression atmosphere—better-than-expected inflation data eased the tension on the policy side. But how far can this relief go? To be honest, risk factors are still present.

What is the market pricing in right now? On one hand, it’s the policy expectation adjustments driven by the retreat of inflation; on the other hand, it’s a wait-and-see approach towards subsequent economic data. Beneath the surface calm, investors are weighing two issues: first, has inflation truly stabilized? and second, is the global economic growth outlook genuinely improving?

For cryptocurrency market participants, such macro fluctuations are often important references. Inflation expectations, central bank policy directions, and the global liquidity environment all indirectly influence risk appetite and asset allocation strategies. Short-term positive data does not necessarily mean increased long-term certainty, and caution remains necessary.