January's been a quiet month for Fed rate movements—looks like the central bank is taking a breather from the cutting cycle. After the aggressive shifts we saw through late 2024, the pause feels notable. When rate cuts slow or stall, crypto markets typically react with heightened volatility as traders recalibrate their expectations around liquidity conditions and asset valuations. The chart data shows this "dry" period clearly—minimal policy adjustments translating into a holding pattern. For traders watching macro signals, this consolidation phase often precedes the next directional move. Whether that's another round of cuts or a longer pause remains the key question shaping risk appetite across digital assets.