#加密生态动态追踪 After the Fed's official rate cut announcement, the reactions of Bitcoin and Ethereum have been somewhat absurd—it's not skyrocketing but bouncing up and down. Where's the anticipated "liquidity feast"? Why does it look like this?

It seems like a rate cut is good news, but in reality, the core is quite hawkish. Powell says he's cutting rates, but then quickly throws out a line like "economic data is basically stable," and the market is instantly cooled down. The underlying message is clear: this rate cut is just that, don’t expect continued easing. The market's previous fantasies about sustained liquidity injections are suddenly shattered.

Even more painful is the internal division within the Federal Reserve, with three dissenting votes for the first time in nearly six years. Some think the cut isn’t aggressive enough, others believe it shouldn’t have been cut at all. Opinions are all over the place. This chaotic signal has directly confused the market.

Why has good news turned into bad news? Simply put, it’s the classic operation: expectations are priced in, but once they materialize, they must be fulfilled. The previous rally was based on the expectation of "long-term easing by the Fed," but now that the expectation has been realized, the funds that were in position are naturally retreating. The logic of profit-taking is straightforward—those who profited from this wave of gains are now locking in their profits.

So this can hardly be considered a new bull market signal; instead, it’s more like a cold splash on the bulls. It reminds us that macroeconomic uncertainty (long-term high interest rates) still looms overhead, and a single rate cut alone is far from enough to change the situation.

The movements of coins like $ETH, $ZEC, and $ADA also reflect this dilemma—the gap between expectations and reality is so large that the correction is deep. Next, the market needs to re-position itself: is this a short-term correction or a real trend reversal? Every trader should consider this question.

Are you choosing to exit risk positions or buy on dips? Can the bottom range hold? Share your real trading ideas in the comments.