#以太坊行情技术解读 It looks like the rate cut operation initially appeared to send a positive signal to the market, but behind the scenes, the "water withdrawal" intensity is strong enough to offset everything.

**Surface-level good news vs. actual liquidity**

$BTC $ETH $BNB these leading cryptocurrencies' recent performance actually reflects this contradiction. The Federal Reserve's rate cut is indeed a dovish signal, but at the same time, what is the Treasury Department doing? By issuing large-scale bonds, they have pulled their standing account at the Federal Reserve (TGA) from $300 billion to $850 billion in one go, effectively draining $550 billion of liquidity from the market.

Adding to that, the Fed's quantitative tightening has not stopped yet, continuing to withdraw about $38.5 billion each month. Calculating from July to November this year, these two measures alone have drained over $800 billion, far exceeding the positive effects of the rate cut. As a result, the overall liquidity environment in the market has become even tighter.

**Buying the rumor, selling the fact**

There's a crucial point here — the market has already fully digested the expectation of a rate cut. When the rate cut news was officially announced, the bullish traders were already locking in profits. Plus, the Fed Chair’s cautious tone in his statements caused the probability of another rate cut in December to drop from nearly 100% to around 70%, which scared out the remaining bullish traders.

**Capital fleeing**

There is also a divergence issue in the crypto market. The US, China, and South Korea stock markets have seen significant gains this year, and high-confidence sectors like AI and chips are siphoning off a strong effect. Meanwhile, nearly $30 billion worth of unlocked tokens are dumping in the crypto space, overwhelming buy orders, and causing prices to fall sharply in a one-sided manner.

So, ultimately, it’s not that the rate cut itself is problematic, but that its effect has been completely offset by a larger liquidity "water withdrawal" mechanism. This is why the market appears to be good but is actually feeling worse.