Early this morning, the Federal Reserve announced a 25 basis point rate cut, which should have been a celebration night for the crypto market. However, BTC and ETH collectively plummeted. Bulls were stunned, and bears didn't even make a profit——this script doesn't add up.

The market's muted reaction isn't without reason. On the surface, it looks like a rate cut, but Fed Chair Powell's words hint otherwise: "There is no significant change in the economic fundamentals." In other words, don't expect any big moves soon. Everyone was hoping for continued easing, but that expectation was immediately suppressed.

What's more awkward is that this decision itself shows internal conflict. Of the nine voting officials, three opposed the cut—some felt it wasn't aggressive enough, while others believed it shouldn't have been cut at all. Trump also publicly criticized the "insufficient力度". With such mixed signals, the market naturally doesn't know which way to go.

In simple terms, the rate cut had already been priced in. Recently, crypto prices surged mainly because of the expectation that the Fed would keep easing. Now that the decision has been made, those expectations are fulfilled, and the market is either taking profits or fleeing—classic "buy the rumor, sell the fact."

What truly causes hesitation now is the future. If interest rates really stay high longer, as the market fears—so-called higher for longer—can these overvalued risk assets sustain their valuations? This question is key to market sentiment.

This rate cut feels more like a warning light than a rallying call. Macroeconomic uncertainties remain, and the market may need to reprice assets. Whether prices continue to fall or rebound depends on whether large investors dare to keep betting in this ambiguous environment.

Do you think now is the time to buy the dip, or should you continue to observe? Has your position been adjusted?