The CPI to be announced next Tuesday will be the most critical barometer for determining the market direction.

This data is directly related to whether the Federal Reserve will cut interest rates in the second half of the year. The logic has long been worn out:
Inflation has decreased → The Fed has room to cut interest rates → The dollar weakens → Market liquidity increases → This is very good for cryptocurrencies.

So in the end, there are only two outcomes:

1. CPI lower than expected (bullish):
It means that inflation is under control, risk appetite is quickly recovering, and the market will surge first.
Note that assets with high volatility rise the fastest: assets like $SOL ecosystem, RWA, and various small coins on layer two may take off directly.

2. CPI meets or exceeds expectations (bearish):
The market is likely to take a hit first, especially the varieties that have risen significantly recently, which will be hit the hardest. It may gradually recover later, but it depends on the performance of the US dollar and US Treasury bonds.

My experience is:
The sharp rise and fall in the first few seconds after the data is released is mostly false movements created by robots. The real direction usually takes about 30 to 90 minutes to determine, as it's more reliable to see how the US Treasury yield and the US Dollar Index move.

Lastly, remember one thing —
If the CPI is clearly good, but the US dollar strengthens and bond yields rise, then it is not a "data issue", but rather there are larger bearish factors behind it, and one must immediately reduce positions or even cut losses.