According to CoinMeta, in its market report on October 23, CoinShares noted that Bitcoin performed relatively well amidst the volatility of risk assets this week, mainly supported by a rebound in spot demand, an improvement in U.S. stock market sentiment, and short covering. The U.S. housing market has clearly weakened, with new home starts declining by 5.2% in September and the sales index for homes for sale falling by 7.3% month-on-month, reaching a record low. However, CPI and PPI remain at high levels. As of October 20, the probability expectations for the Federal Reserve to raise interest rates by 25 basis points in October were around 12% and 17%, respectively, while the probability of a rate hike in December approached 83%. CoinShares believes that Bitcoin is still highly sensitive to interest rate expectations, and an unexpected rate hike in October could have a greater impact than the market's current expectation of a December hike.