Hong Kong equities pulled back today as traders hit pause ahead of the Fed's upcoming rate call. Market participants are clearly in wait-and-see mode, keeping one eye on Washington and the other on any fresh policy hints coming out of Beijing. The hesitation makes sense—central bank moves and mainland China's economic trajectory tend to set the tone for risk appetite across both traditional and digital asset markets. When macro uncertainty rises, capital flows get cautious everywhere, from equities to crypto. Worth watching how this plays out over the next 48 hours.