The market response to the Fed's 25 basis point rate cut this round has been quite complicated—no bullish horn sounded, but instead a wave of volatility hit hard. The movement of #加密生态动态追踪 and $BTC last night felt like riding an invisible roller coaster, leaving bulls a bit confused.

Where exactly is the core issue? Rate cuts are not necessarily as dovish as they seem.

On the surface, it appears to be a 25 basis point easing, but Powell quickly stated that "the economic fundamentals haven't significantly worsened," directly piercing the market's illusions. The long-term easing policies everyone expected? Probably wishful thinking. As a result, all positive expectations have been fully digested, and funds are now pondering another question: will the upcoming environment become even more challenging?

This has led to a dilemma. On one hand, the market feels the rate cut isn’t sufficient to quench its thirst; on the other hand, some politicians think it’s not aggressive enough. Cryptocurrency assets, caught in the middle, have no room for embellishment. Funds that want to lock in gains immediately cash out, and holders start reevaluating risks.

From a trading logic perspective, it’s the classic approach: buy on expectations, sell on the facts. The previous rally before the rate cut has mostly priced in the positive effects, and now the focus has shifted from "Will there be a cut?" to "Will there be further easing?" In simple terms, this policy move isn’t a rallying cry but a market emotional recalibration.

The performance of popular assets like $LUNA, $ZEC, and $ETH today can reveal the trend—risk assets are being re-priced, and market sentiment has shifted from anticipation to reality. In the short term, this volatility may continue, and the key depends on how subsequent policies evolve.