The Federal Reserve's internal disagreements have intensified, indicating that decision-making is facing more challenges. The divergence in long-term interest rate planning has reached its highest level since 2012, reflecting significant uncertainty about the economic outlook. In the short term, whether there will be a rate cut next week remains uncertain. However, based on on-chain data, current capital flows have not shown any obvious changes, and investors seem to be holding a wait-and-see attitude. I will continue to monitor the movements of large on-chain funds and pay attention to their reactions to interest rate expectations. At the same time, it is also important to closely monitor changes in DeFi lending contract interest rates, which may help to anticipate shifts in market sentiment.