Bitunix Weekly Market Report: Macro Pressure Heating Up, Market Sentiment Returning to Risk Aversion

November 17th. This Week's Market Focus: With the temporary relief brought by the postponement of the U.S. government shutdown until January 30th, which lasted for 26 years, fading away, and a large amount of delayed economic data about to return, putting the market back under the pressure of the fundamental vacuum. The global sell-off triggered by the hawkish signal from the Federal Reserve became the core trend of this week. The momentum sector of the U.S. stock market witnessed increased volatility, while the crypto market faced stronger selling pressure in an environment of risk aversion, with Bitcoin dropping below $95,000 and retracing the gains from the October high. Meanwhile, this week saw a significant shift of market funds towards the defensive side: The U.S. bond yield slightly rose to 4.15%, but the U.S. dollar index failed to break above the 100 mark, indicating a cautious stance in the market in the absence of key data. The crypto market continued to feel the impact of the deleveraging that started from October 10th, with more than $190 billion in liquidations, and still faced overall position adjustment pressure. ETFs and futures positions leaned towards a retreat, leverage cooled down, and risk appetite temporarily returned to a conservative state. Market Outlook for Next Week: The tone of the market next week will be dominated by the "return of a large amount of delayed data." The first post-shutdown non-farm payroll, factory orders, construction spending, real income, and a series of delayed reports will be released, becoming a key catalyst influencing the interest rate cut expectations for December. In addition, Federal Reserve officials will give intensive speeches - core voters such as Williams, Kashkari, Quarles, and Logan will take the stage, which may further shake up the rate expectations. Bitunix Analyst Viewpoint: The current core of the market is not about Beta but the pricing chaos in the macro information vacuum. BTC is currently in a monthly structural retesting period. Before a significant return of delayed data, the market is unlikely to have a clear direction. If the U.S. data next week turns weaker, it will help alleviate risk aversion and may even kick off the next rebound cycle.