1. **Macro entering the "Central Bank Week + Data Week" risk reduction period**: End-of-year liquidity thins, and central bank meetings are frequent. The market tends to reduce positions before waiting for data, with short-term negative impacts on high valuations and crowded trades. November employment (Tuesday) and CPI (Thursday) have been postponed due to the government shutdown, and Powell also warned of potential collection biases, making short-term fluctuations more likely to exhibit "initial scare followed by correction." Market reports BTC falling below 88k, with risk appetite pulling back prior to the data week.
