ChainThink report, on October 15, as Federal Reserve Chair Powell is about to deliver his speech on "Economic Outlook and Monetary Policy," global markets experienced rare volatility. Risk assets and safe-haven assets both surged sharply, and the extreme volatility in the cryptocurrency market intensified panic. The liquidation map shows that BTC formed a dense liquidation zone between $114K and $111K, indicating an imbalance in market liquidity structure, and it is necessary to observe the direction of capital reallocation after the liquidation ends.

On the macro level, Powell's speech will become a turning point in this wave of risk-off sentiment. The futures market expects a 25-basis-point rate cut in October and December with probabilities of 97% and 89%, respectively, showing that investors have almost bet on continued monetary easing. If Powell signals a more hawkish stance, it could trigger another round of risk asset selling; conversely, if his tone is more dovish, the market may quickly reset price expectations, and funds will flow back into tech stocks and the crypto market.

Bitunix analysts' view: The market is currently in a "signal vacuum" period, and policy tone will dominate the re-pricing of risk appetite. From a structural perspective, the liquidity vacuum caused by leverage liquidations may lay the groundwork for a subsequent rebound. The real key is not the strength of Powell's wording, but how the market reinterprets the Federal Reserve's strategic intent of "tolerating short-term fluctuations to maintain long-term confidence." The short-term consolidation pattern of BTC is clear, and it is recommended to continue monitoring the liquidity areas at $114K and $111K, strictly control leverage and risk exposure, and prepare for potential volatility ahead of policy announcements.