#数字资产生态回暖 The Federal Reserve just cut interest rates by 25 basis points. The crypto community initially thought this was a big positive, but both BTC and ETH suddenly plunged, and the market fell into a strange calm. Even Wall Street and the political-business circles are complaining — this is hardly a bullish signal; instead, it feels more like a cold shower for the bulls.

The crux of the issue boils down to two words: not enough.

First is the contradiction in policy signals. While Powell announced the rate cut, he immediately emphasized that "economic fundamentals have not materially changed." The implicit message couldn't be clearer — this rate cut is an isolated move, and expectations of tightening remain, signaling that the window for "easing" may be closing. Trump also openly criticized, feeling the cut was too small and far from sufficient. As a result, none of the parties are satisfied, and both the bond market and cryptocurrencies didn't rally on the news.

Second is the reversal of market sentiment. Previously, the rise of BTC and ETH was essentially betting on the Fed initiating a sustained easing cycle. But when the policy details actually materialized and all expectations turned into "buying leverage," arbitrageurs immediately chose to stay on the sidelines. What's more painful is if future interest rates stay high — what economists call "higher for longer" — can risk assets still sustain their current high valuations? This question has frozen the entire market into a re-pricing deadlock.

In one sentence: this isn't a rallying cry, but a pause button. Macroeconomic uncertainty is still brewing, and whether funds continue to add in the haze will determine the next wave of market trends. The story of $BTC and $ETH is far from over.