#数字货币市场洞察 The Fed's December year-end decision announced, crypto market rides a roller coaster!

As soon as the news broke early yesterday morning, the market exploded—the Fed cut rates by 25 basis points as expected, lowering the rate to the 3.75%-4.00% range, and also officially ended quantitative tightening. Sounds bullish, right? But then Powell immediately said, “A rate cut in December is far from a done deal,” taking a clearly hawkish stance. To make things worse, there was a rare split among the policymakers—two votes against, some advocating for a 50 basis point cut, and one vote against any cut at all. These divisions were immediately interpreted by the market as a bad signal.

Bitcoin plunged over 5% on the spot, briefly breaking through the key $95,000 support line and triggering a wave of liquidations. It then quickly rebounded to around $93,000—all incredibly volatile moves. Ethereum didn’t fare much better, dropping over 4% on the day. The harsher number—$1.776 billion in liquidations across the entire network in 24 hours, equivalent to 12.9 billion RMB, with over 590,000 investors wiped out, more than 90% of whom were long positions.

Looking at the logic behind this decision: rate cuts + ending QT is indeed double easing, but Powell made it clear that monetary policy remains restrictive, and the bar for further rate cuts in 2026 is even higher. Inflation is still a major concern, with core PCE still above the 2% target. He specifically emphasized the risk of sticky inflation, meaning if the economic data remains uncertain, policy could change again.

From the perspective of individual tokens, there’s clear divergence. BTC and ETH led the decline due to macro sentiment pressure, but tokens like SOL and ARB—which have real ecosystem support—were more resilient. Spot Bitcoin ETFs actually saw inflows, indicating that institutions are using this opportunity to accumulate.

Key support levels to watch: BTC at $92,000, ETH at $3,700. Avoid high leverage in the short term—the story isn’t over yet. In the mid-term, the overall direction of liquidity easing remains unchanged, so focus on ecosystem projects with clear progress and real-world adoption.