The market has just experienced a shockingly unexpected wave—

The Federal Reserve has cut interest rates by 25 basis points, bringing the benchmark rate to the 3.50%-3.75% range. This is the third consecutive rate cut, which should be considered a positive signal, right? But the movements of BTC and ETH are completely off script: there's no expected surge, but rather oscillations downward.

Honestly, this kind of "positive news turning into negative" scenario is quite common in the crypto world. Why is this happening? I’ve summarized a few key reasons:

**Expectations that were already priced in cannot support new highs**
Rate cuts are no longer a secret. The market had been betting on it weeks in advance; funds had already entered the market, and longs had been built. When the official announcement came, everyone realized "the rise has already happened"—so large investors started taking profits, and retail investors who bought in got caught in the drop. Such moves have repeated many times in history. The price action after several Federal Reserve meetings this year generally followed this logic.

**Disagreements within the voting committee, market hesitation**
This rate cut was not unanimous; several committee members explicitly voted against it. What does this mean? It indicates that there is internal disagreement within the Federal Reserve about the economic outlook—some are dovish and want to ease policy, while others are hawkish and worried about inflation.

The market's biggest fear is "uncertainty." When signals become ambiguous, risk appetite naturally declines. BTC was pushed up but then pulled back; ETH also moved sideways in a typical wait-and-see pattern.

**Liquidity expectations are not so optimistic**
Although the rate was cut, this does not necessarily