Today, many people monitoring the market noticed a strange phenomenon: the Federal Reserve actually cut interest rates, but Bitcoin didn't soar; instead, it dropped sharply.

This script doesn't add up, right? Isn't a rate cut a positive signal?

The core issue lies here—what looks like good news is actually already priced in by the market.

First reason: **The positive news was already digested in advance.**

This 25 basis point rate cut was anticipated by various institutions half a month ago, and smart money had already started to position themselves. When the official announcement finally came? It turned into the classic case of "good news turning into bad news upon implementation"—the funds that entered early started to take profits, and as selling pressure mounted, the price of the coin naturally fell.

The second, more critical reason: **Expectations for the future have been downgraded.**

Latest forecasts indicate that there might only be one rate cut in 2026.

Originally, the market was looking forward to a continuous easing cycle, with increasing liquidity fueling a bull run. But now, this cold water has been poured—the expectation is only one rate cut next year? Many investors' confidence has shattered, and they prefer to exit early.

Another point worth noting: **Dissent within the Federal Reserve.**

This time, three votes opposed the rate cut, indicating concerns among some members that inflation might resurface. As long as there is internal doubt about further easing, the market will question how loose the future liquidity really is.

So, Bitcoin's decline isn't because rate cuts are inherently bad, but because "the outlook isn't as rosy as before."

What does the market fear most? Not bad news, but when expectations are disappointed.

This time, the Fed seemed to give a sweet treat but also hid the jar of candy behind its back. Naturally, the crypto market is voting with its feet.