There is a key data point to watch tonight at 11 PM—the US PCE inflation index is about to be released.

Market expectations are the same as last month, both at 2.9%. If the final data really stays at this level, it means inflation hasn't worsened, and the Fed won't be under much pressure. Overall market sentiment should remain relatively stable.

What does this mean for us in crypto? Such an "in line with expectations" result is generally not too bad. Risk assets won't be suppressed, and BTC and ETH could continue to fluctuate and trend upward.

But the biggest concern is if the data comes in much higher. If it's above 2.9% and signals a rebound in inflation, the market could panic in the short term, leading to a quick pullback. So tonight's data is definitely worth keeping an eye on.