#美联储降息 Another textbook-style reversal. A big whale went all-in with $33.08 million in $ETH, betting that a Federal Reserve rate cut would be a positive. The rate cut indeed happened, but within 24 hours, 100,000 traders were collectively liquidated, evaporating over $200 million, and even those massive positions couldn't escape.

The most heartbreaking part is this—it's not just about losing money, but about the ironclad rule in the crypto world that has been repeatedly validated until it becomes numb: the market isn't actually trading the outcome itself, but expectations.

Retail investors see "rate cut = positive" as straightforward thinking; institutional players play the game of "once expectations are realized, they immediately flip and sell." When the news is finally confirmed, the smart money has already run away. This tactic has a name—buy the expectation, sell the fact. Spot positions are manipulated, while futures are precisely harvested. In this cycle, $BTC and $BNB have also played out this same routine—the pattern remains unchanged.