$BMT$MSFT Cloud business hits new highs, but the real pricing anchor in the crypto market isn’t in the earnings report—it’s in tonight’s PCE data and Fed chair Jackson Hole remarks by Warsh. If rate-cut expectations are knocked down by inflation data, a rebound in the U.S. Dollar Index will directly drain risk-asset liquidity—BTC’s fragile sideways trading around $78,286 is a snapshot of capital waiting on the sidelines. What are institutions waiting for? They’re waiting for big tech like Microsoft to confirm the sustainability of AI capital expenditures. If cloud growth falls short of expectations, a pullback in the Nasdaq could trigger a second dip in the crypto market: ALT drawdowns are likely to be 2–3 times BTC’s. My take: if PCE comes in above expectations, BTC will first break below $76,000, and high-beta coins like SOL and DOGE will face panic selling; otherwise, renewed expectations of easier liquidity could revive momentum, with BTC likely breaking above $80,000 on rising volume and pulling the public-chain sector into rotation. The divergence among U.S. internet stocks (ULCC being abandoned, the better performers being favored) has already signaled that capital is screening for true growth. The crypto market similarly only recognizes L1 and RWA protocols backed by revenue. Tonight’s options moves ahead of the U.S. market open will point the way—you’re betting that PCE is “good news already priced in,” or a “desperate counterattack”? See you in the comments.