This round of rate cuts has been implemented, but the crypto market has instead plunged. What's going on?

Honestly, it's mainly that dot plot spoiling the situation. After the expected roadmap of only one rate cut next year was released, market sentiment was directly skewed. Look at how the US stock market barely closed in the green, only to turn down again after hours.

Some analysts are still claiming that the Federal Reserve is dovish this time, but the market is voting with its feet — crypto assets have already fallen or are falling. This kind of expectation gap is the most deadly; everyone's original script is playing out completely differently.

Now it depends on whether subsequent data can reverse these expectations, or else the benefits of the rate cut will basically be out of reach.