Tonight's market may not be very calm. The US November retail sales and PPI data will be released at 21:30 Beijing time. The volatility of these two data points is very likely to influence the rhythm of the cryptocurrency market in the coming days.

Why should we pay attention to these traditional financial indicators? Simply put, the crypto market has always followed the macroeconomic trend. Retail sales data reflect the activity level on the US consumer side, while PPI is a leading indicator of inflation. The market currently expects retail sales to grow by 0.4% month-on-month, a rebound compared to last month. The release of these two indicators together is enough to influence the Federal Reserve's judgment on future monetary policy.

The key point lies in liquidity. The core driving force of the cryptocurrency market is the global liquidity condition, which is basically in the hands of the Federal Reserve. If both data points exceed expectations tonight, indicating that the US economy is resilient and inflationary pressures may be harder to dissipate, then the expectation of interest rate cuts will be pushed back, and the Federal Reserve may continue to maintain relatively high interest rates.

Under this policy environment, global risk assets are usually under adjustment pressure. As a "aggressive player" among risk assets, cryptocurrencies are often the first to be affected. Retail investors without leverage protection should be especially cautious; preparing stop-loss plans is more important than staying up late watching the market.