Last night, the Federal Reserve's policy meeting concluded. Although they cut interest rates by 25 basis points as expected, the market reaction was surprising — Bitcoin didn't rise but fell instead.

This rate cut was not easy to implement, with three members voting against it, marking one of the more divided decisions recently. At the same time, the Federal Reserve also announced it would purchase $40 billion worth of short-term government bonds over the next month.

In theory, a rate cut should benefit risk assets, but BTC didn't show any positive response. Perhaps the market is more focused on the fact that the rate cut expectations have already been priced in, or there are disagreements about the future monetary policy path? Anyway, this wave of movement is indeed a bit counterintuitive.