Dear friends, did the market "teach you a lesson" when it opened today? Everywhere you look, people are saying "The Federal Reserve has cut interest rates, good news is coming," but the market immediately moved in the opposite direction. Many are confused—are we even reading the same news?

Don't worry, let me help clarify. After being involved in the crypto market for a while, you understand one thing: the more lively the news, the more you need to stay alert. Today's market movement is essentially a precise reversal of "expectation management."

**First Layer: The Surprise You Thought You Had Was Actually Discovered by the Market Long Ago**

The Federal Reserve did indeed cut rates by 25 basis points. But it's like you heard a month in advance that your girlfriend would give you a gift on her birthday—by the time that day arrives, are you still surprised and squealing? No. More likely, you're thinking, "Is that it?"

Smart institutional investors had already digested this expectation through price action weeks ago. They follow the oldest trading rule: buy on rumors, sell on official announcements. When the news is officially released, it's the perfect moment for them to take profits and reverse their positions. So this isn't "good news exhausted," but rather "expectation fulfilled"—a textbook move for smashing the market.

**Second Layer: The Real Turning Point Is in the Dot Plot**

More critically, the Federal Reserve hinted at its policy direction for 2026: the dot plot shows only one rate cut possible next year. This is the real "killer move" that caused today's sell-off.

What was the market’s collective fantasy before? That in 2025-2026, a new wave of "rate cuts" would begin, liquidity would be abundant, and institutional funds would pour into the crypto market. But today, the Fed subtly poured cold water on that idea—rate cuts are progressing much slower than expected.

This shift in expectations is the direct reason why you see bullish dreams shattered and short-term selling pressure intensify. The market isn’t disappointed in the "rate cut," but in the shattered illusion of "continued easing." That is the true variable influencing the market.