On Thursday, both Bitcoin and Ethereum prices showed signs of recovery. However, the market remains cautious ahead of the release of U.S. inflation data, as investors await next week's Federal Reserve interest rate decision and more supporting data. It is also noted that the structure of the crypto market may undergo even greater changes next year.

The Federal Reserve has injected a strong $13.5 billion in large-scale liquidity, even surpassing the peak levels seen during the dot-com bubble. As Bitcoin rebounds 6% to reach $91,000, Vanguard Group announced that clients can purchase third-party managed crypto funds, becoming another major institution to open channels for crypto assets.

How to assess the Bitcoin market? Global liquidity is a yellow light, leverage in the encryption ecosystem is a green light, while on-chain activity is a red light. How to weigh these three factors? Or is there a preference for one of them? When all three appear at the same time, how to adjust strategies in a timely manner?