Global Market Dynamics on October 20: 1. Gold rose by 1.85% during the day, mainly due to persistent potential safe-haven demand, while market expectations for future interest rate cuts and a depreciating dollar stimulated a rapid increase in gold prices. 2. Influenced by expectations of interest rate cuts and concerns about future economic growth, the 10-year U.S. Treasury remained stable, while the yield on 30-year bonds decreased, leading to an increase in demand for long-term bonds. 3. The U.S. dollar index weakened slightly during the day, with funds shifting from the dollar to other assets, including both safe-haven and risk assets. 4. The VIX index fell below 20, returning to a safe range, temporarily exiting a high volatility risk period. The four major U.S. stock indices opened higher, with the Russell 2000 index leading the gains, indicating an optimistic short-term risk appetite in the U.S. stock market. 5. The core reason for the short-term slowdown in #Bitcoin's upward momentum remains insufficient market liquidity. Short-term liquidity is flowing into gold, U.S. long bonds, and U.S. stocks, leaving the crypto market with inadequate liquidity, especially during the rebound phase of U.S. stocks, where liquidity feedback needs to wait for the second half of U.S. stocks or the market close. Daily Assessment: Monday's market did not clearly differentiate the "trading themes"; both safe-haven demand and expectations for interest rate cuts are present, leading to some short-term market divergence. As for the crypto market, as long as U.S. stocks maintain this optimistic upward trend tonight, some liquidity will return to the crypto market after the second half of U.S. stocks and the market close.