English overview only, not a full translation. Historical October 22 assessment: S1 TRANSITION (72%). ETF buying breadth improved on preliminary October 21 data, but stablecoin supply contracted and leverage quality remained unconfirmed. Feedback STABLE, tentative and low confidence; policy pressure APPROACHING. Original contemporaneous data and full A–J reasoning are preserved in Chinese. Some original article links remain unavailable; public data source pages are supplied. No reconstructed numeric observations are submitted.

## Public sources

- [Federal Reserve H.4.1 historical releases](https://www.federalreserve.gov/releases/h41/)
- [US Treasury Daily Par Yield Curve Rates, 2026](https://home.treasury.gov/resource-center/data-chart-center/interest-rates/TextView?field_tdr_date_value=2026&type=daily_treasury_yield_curve)
- [US Treasury Daily Par Real Yield Curve Rates, 2026](https://home.treasury.gov/resource-center/data-chart-center/interest-rates/TextView?field_tdr_date_value=2026&type=daily_treasury_real_yield_curve)
- [Farside Investors US Bitcoin ETF Daily Flow](https://farside.co.uk/btc/)
- [DefiLlama Stablecoins Market Cap](https://investors.defillama.com/stablecoins)
- [CoinGlass BTC Futures and Spot Dashboard](https://www.coinglass.com/currencies/BTC)
- [New York Fed SOFR rate data](https://markets.newyorkfed.org/api/rates/secured/sofr/search.json)