#加密生态动态追踪 $BTC $ETH $ZEC

The Fed's rate cut has been implemented, but the crypto market's response was not as expected—what's the logic behind this?

Last night, the Federal Reserve announced a 25 basis point rate cut, which was in line with expectations, but the market showed mixed reactions. Bitcoin and Ethereum did not surge as many anticipated after the policy announcement; instead, they experienced short-term pullbacks. Some investors began to wonder: why did the originally positive policy turn into a selling point?

The answer may lie in Powell's speech. The Fed Chair emphasized that inflation pressures still need attention, and the pace of rate cuts will remain cautious, not indicating a large-scale liquidity release. This wording was relatively restrained; the market's expectation of "aggressive easing" did not materialize, putting pressure on risk assets.

There is also another line of play at the moment. Trump publicly supported Harker's appointment as Fed Chair and hinted at further rate cuts in January and March. If this personnel change actually happens, the Fed's policy could shift towards a more aggressive stance, which might support assets like Bitcoin that fight inflation. Conversely, if inflation data shows signs of rebound, the Fed may adjust its stance toward a hawkish tilt, which could significantly impact the entire crypto market.

The key now is how the next two FOMC meetings—January and March—will unfold, as their decisions will significantly influence the market direction. Whether the Fed's independence can be maintained, and how political factors develop in this game, will directly affect liquidity conditions and the performance of risk assets.