Over the weekend, Bitcoin experienced a strong rally.

As of the time of writing, Bitcoin has risen nearly 3%, climbing to above $86,600, and even broke through $87,000 during the session. Other cryptocurrencies, such as Ethereum and Dogecoin, also saw significant gains.

According to data from CoinGlass, over the past 24 hours, more than 110,000 cryptocurrency traders have been liquidated.

It is worth noting that last Friday (November 21), U.S. stocks saw a long-awaited rebound, primarily due to remarks from the Fed's third-in-command, Williams, which shifted bets back toward a higher probability of rate cuts.

Williams stated that a rate cut "in the near future" might be reasonable, leading investors to raise their expectations for a December rate cut.

U.S. Treasury Secretary Besant mentioned that interest rate-sensitive industries are in a recession but expressed confidence in the growth prospects of such industries by 2026.

However, on November 22, Boston Fed President Susan Collins stated that she sees no need for the Fed to continue cutting rates in December. This remark further highlights the divergence among policymakers regarding future monetary policy actions.

According to reports, Fed Chair Powell has not spoken publicly since the October 29 policy meeting. Among the 12 voting members of the Federal Open Market Committee, five have already expressed a preference to keep rates unchanged, creating an almost evenly split situation. This means that regardless of the decision made on December 10, dissenting votes are likely.

CITIC Securities stated in a research report that the decline in U.S. stocks on November 20 was primarily driven by macroeconomic factors, rather than panic selling triggered by an AI bubble burst. The main reasons for this round of pullback are the stronger-than-expected September non-farm payroll data combined with hawkish remarks from the Fed, which triggered profit-taking in the market. Given the marginal weakening of the U.S. labor market, the December Fed meeting could mark the peak of this round of "hawkish panic." After that, the market's focus may shift to Trump's nomination game for the new Fed Chair. The fundamentals of the AI sector remain solid, and with token exponential growth, ongoing supply chain bottlenecks, and the strong cash flows and balance sheets of the four major tech giants, the extreme narrative of an "AI bubble" bursting is unlikely to materialize in the short term.

CITIC Securities believes that the earnings expectations for U.S. stocks (especially tech stocks) continue to be revised upward, and the recent index pullback is mainly driven by valuation multiple contractions. Looking ahead, U.S. stocks may experience volatility until the December Fed meeting, with funds potentially shifting to defensive sectors. Once the nomination of the new Fed Chair is finalized and the tax cut policy takes effect in January 2026, the market is expected to rebound.