#美联储降息 People who have been watching the market these days are all confused: news is flooding in saying the Federal Reserve will cut interest rates, but $BTC not only did there be no celebration, there was a sharp decline instead. Is the news wrong, or is there some other trick behind it?

Actually, if you break down those complex financial terms, the story becomes clear — this "rate cut" looks like good news, but in reality, it's a trap.

**Good news? It's already priced in**

The Federal Reserve announced: this time, they lowered rates by 25 basis points, bringing the interest rate range down to 3.50%-3.75%. Sounds good, right?

Looking at it from another angle: you already knew Dad was going to buy you a PS5, and you started looking forward to it last month. Today, when the PS5 arrives, will you scream? No, because the anticipation has already been maxed out. The smart funds in the market had already ambushed two weeks ago, just waiting for this news to come out to directly buy the dip and arbitrage — news is sold the news, good news turns into a sell-off, that’s the rhythm.

**The real blow comes later: the money for next year might be gone**

Even more terrifying is the information revealed by the dot plot: the Fed expects to cut rates only once in 2026.

Listen to this — how did the crypto traders dream before? They thought the Fed would keep cutting rates like rain next year, opening the floodgates of liquidity, and the bull market engine in the crypto world should be roaring to start.

But Powell today, with a serious face, said: no more, maybe only one candy next year.

What does this mean? The cost of financing next year will still be high, liquidity won't loosen much, and the spark of the anticipated bull market will be mostly extinguished. When the bulls hear this, they get scared and rush to the door.

**Internal disagreements within the Fed, hawkish forces rising**

The voting results also reveal some secrets: three members voted against, and some even suggested not to cut rates at all. This shows that internal divisions within the Fed over the future direction are growing, and hawkish voices are becoming stronger. How does the market interpret this? It might mean the pace of rate cuts could slow down further.

So don’t be fooled by the surface good news. What truly influences the market are those deep-seated expectations — the engine of the anticipated bull market, which might really be coming to a halt now.