AstralX Global Market Information and Data Analysis on July 31st 1. The cooling of US inflation and #Microsoft's unexpected financial report have contributed to a violent rebound in the US stock market, while the Japanese and Korean stock markets have rebounded in succession; 2. The $5 trillion interest rate hike bet has collapsed: the #Federal Reserve remains inactive, resulting in the largest interest rate trading reversal in history; 3. In June, #PCE in the United States fell for the first time in four years on a month on month basis, intensifying market divergence on the Fed's subsequent policy path; 4. Affected by merger rumors, the stock prices of #Tesla and #SpaceX rose after hours. The latest core PCE data in the United States weakened expectations of interest rate hikes, coupled with Microsoft's unexpected financial report reigniting confidence in AI, driving technology stocks to launch a strong counterattack, and the S&P and Nasdaq closed sharply higher. Microsoft's daily market value growth hit the highest in Wall Street history, with storage and AI concept stocks collectively soaring. But Apple's impressive financial report failed to impress the market, and instead fell sharply after the market closed. The Japanese yen surged sharply in the foreign exchange market and the US dollar fell sharply. The Japanese and Korean stock markets rose sharply the next day. The Federal Reserve maintains interest rates unchanged, and the market is highly divided on the subsequent path. The probability of a rate hike in September still exceeds 60%. For the cryptocurrency market, although the recovery of macro sentiment helps to repair risk appetite, Bitcoin itself is still in a structural downturn. On chain data shows that the proportion of short-term holders has dropped to a multi-year low, while long-term holders continue to absorb supply. The currency is shifting from speculative to strong hands, similar to the characteristics of the bottom range from 2022 to 2023. However, this supply tightening itself does not constitute a reversal signal. During the same period, spot trading volume plummeted by more than 70% compared to the end of 2024, and ETFs continued to experience net outflows, indicating clear concerns about liquidity depletion. If the optimistic sentiment driven by the rebound of technology stocks cannot be converted into substantial buying in the cryptocurrency market, Bitcoin may continue to fluctuate at a low level and wait for confirmation from the demand side.