This wave of market行情真的绝了。The long-awaited Federal Reserve rate cut finally arrived, but what happened? No New Year’s celebration, instead a red opening. The beautiful imaginations of Christmas行情 seem to have been truly frozen in the Arctic.

Don’t rush to smash your phone and curse the market. Honestly, this is just the old套路 playing out again—"buy the expectations, sell the facts." I suggest every trader keep this old mantra on their screen. Over the past month, you see, no good news can compare to the power of those four words: "Rate cut is coming." Mainstream cryptocurrencies surged together, even those small coins that usually get ignored started to follow suit. But where’s the problem? The big players have long figured out the套路—they quietly sold off while the "rate cut" dream was still intact. By the time the official announcement drops, retail investors are left holding the bag.

It’s not that the market is ruthless; it’s that we’re all too easily blinded by the "set in stone" expectations.

Let’s take a closer look at the real reason behind this plunge. The Fed Chair’s speech was a true "Schrödinger’s speech"—in the end, only one sentence was repeated over and over: "Data will decide everything." In plain language, that means "Will they cut next month? I haven’t even figured that out myself." Even more painfully, there were 3 votes against the rate cut within the Federal Reserve Committee, which has been rare in recent years.

For the crypto market, the scariest thing isn’t the decline itself, but the suspense of "what will happen." Turns out, those funds wanting to short-term trade are now seeing the policy direction as a "Schrödinger’s rate cut"—who dares to stay? Instead of risking their hard-earned money guessing what the Fed folks are thinking, it’s better to lock in profits first. Risks are right in front of us, and no one wants to gamble.

What does the next trend look like? The key is when the "uncertainty" can finally be eased. As long as this fog persists, the market’s nerves will stay tight. For friends who are long-term bullish on crypto assets, this might actually be an opportunity to布局— but only if you’re psychologically prepared; this oscillation won’t be over in a day or two.