The Federal Reserve cut interest rates as scheduled in the early morning, but Bitcoin and Ethereum didn't give face — not only did they not surge higher, but they instead entered a volatile mode. This move left many people confused: where was the expected benefit of the rate cut?

A closer look reveals two underlying messages behind this rate cut.

The first is superficial. Although Powell announced the rate cut, he immediately added, "The economic fundamentals haven't changed much." In other words: don't expect continuous easing; this might be a phased ending. The market responded calmly after hearing this.

The second is the expectation gap. Trump has already criticized the move as "too conservative," and institutions and retail investors are not particularly excited — because this "policy red envelope" feels more like a warning with a soothing effect, and the future path remains unclear.

Why did the rate cut instead trigger volatility? It's actually a classic case of "expectation fulfillment."

The previous gains were essentially bets on the Fed's large-scale liquidity injection; once the actual move was made, the early gains had already been realized, and profit-taking naturally began to withdraw. The more critical issue is: if interest rates truly stay "higher for longer," can those high-valued crypto assets still withstand the pressure? That's where the market's real hesitation lies.

So this rate cut, rather than being a signal of an all-out attack, is more of a phased reminder — macro-level uncertainties haven't dissipated yet, and the next market trend depends on whether funds are willing to continue betting in the fog.