#加密生态动态追踪 The Federal Reserve has cut interest rates, so why did Bitcoin fall? We need to carefully sort this out.

First, let’s talk about the most painful point—the good news has already been largely priced in. The 25 basis point rate cut brought the benchmark rate down to 3.50%-3.75%, but this was already circulated in the market half a month ago. Smart money had long been positioned, waiting for the official announcement to instantly dump, while retail investors still dream of prices rising. $BTC And it already dropped. This is the cunning of the market—once the news is clear, it actually signals an exit.

The more painful part is coming. A single comment from Powell shattered the market’s bull market dream—by 2026, the Fed may cut interest rates only once, just once! Previously, the market had hoped for a series of rate cuts, but now that illusion is completely shattered. Tight liquidity and shifting expectations caused investors to panic and sell off. $ETH And mainstream cryptocurrencies also came under pressure, turning the overall market sentiment from anticipation to panic.

There’s also a detail that’s easy to overlook—the Federal Reserve’s internal voting saw three dissenting votes. It may sound like a small number, but it indicates concerns among decision-makers about inflation risks and policy uncertainty. The market fears uncertainty the most; once policy directions show cracks, investor confidence will take a big hit. This dissent signals that some still think rate cuts are too fast and that the policy space might be overestimated.

So, the rate cut by the Fed should have been a positive message, but because the market had already priced it in, future rate cut expectations were significantly downgraded, combined with internal disagreements, it turned into a “trap.” This is the complexity of the market—good news can be deadly, depending on how much the market has already digested.