The CPI for April in the United States exceeded expectations, with the inflation rate dropping to the lowest point since 2021. After the data was released, Trump began to advocate for US stocks while pressuring The Federal Reserve (FED) to cut interest rates. However, The Federal Reserve (FED) did not buy into this narrative; the market's expectations for interest rate cuts did not advance and still remain for July. On the contrary, due to Trump's advocacy, the US stock indices surged significantly yesterday, with many leading tech stocks rising over 5%. However, Bitcoin did not rise accordingly. Therefore, July should be the peak of this bull run, which can be viewed as the third wave, expected to arrive by the end of 2025. May is merely the start of the second wave of the bull run, and the frenzy will take more time to fully kick in.