#美联储政策与经济指标 Analyzing Hayes' perspective, it can be seen that he believes the current market is in a critical period. The fall in BTC is less than the decline in USD liquidity, which means the relative performance is still relatively stable. However, he advises against rushing to make large purchases and instead suggests patiently waiting for a better opportunity.

The logic behind this judgment is worth noting. Hayes believes that the shift in Federal Reserve policy is key to the market rebound. To prompt the Federal Reserve to change its tightening stance, a more significant adjustment in the stock market, especially in technology stocks, may be necessary. This view reflects the close relationship between the macroeconomy and the crypto market.

From on-chain data, there are currently no signs of large-scale capital inflow. This aligns with Hayes' cautious attitude. However, one must also be wary of potential reverse indicator effects - when pessimism reaches its peak, it often coincides with moments when the market is about to reverse.

Overall, staying vigilant, closely monitoring various economic indicators and on-chain data changes, and being well-prepared to seize potential opportunities may be the wisest strategy at present.