According to CoinWorld.com, on November 1st, Sentora released its weekly market report, "Perpetual Contract Monthly Trading Volume Surpasses $1 Trillion, Fed Rate Cut: What's the Future of DeFi?". The report stated that Bitcoin on-chain transaction fees slightly declined, decreasing by 8.6% to $2.03 million. This indicates that the current rise in BTC is driven more by spot accumulation than by a surge in trading demand. Seven-day trading platforms saw a net outflow of $2.06 billion, sending a strong bullish signal and indicating a robust accumulation trend in the market, with investors transferring Bitcoin to their own accounts for long-term holding, thus reducing spot supply. Decentralized perpetual contract trading volume surpassed the $1 trillion monthly mark for the first time. According to DefiLlama data, 30-day perpetual futures trading volume is currently approximately $1.3 trillion (rolling data), with open interest at approximately $17.9 billion, achieving a structural leap. On-chain derivatives are no longer trivial matters, and on-chain traders now possess sufficient capital depth. Macroeconomic news is now disseminated rapidly through funds and open interest rather than spot trading. The second interest rate cut this year was widely anticipated after the policy shift in September. Historical experience shows that the greatest volatility in the cryptocurrency market often occurs during the initial policy adjustment, while the impact of subsequent rate cuts gradually diminishes or even becomes negative. Powell's refusal to guarantee continued easing in December was unexpected.