The interest rate cut in December has indeed arrived, but the crypto market has not followed suit with a big rally. The underlying logic is worth a closer look. On the surface, the 25 basis points cut doesn't seem special, but the real issue lies in the **Federal Reserve's more cautious attitude after the rate cut**.

After the meeting, the Fed entered observation mode, the statement's language became noticeably more conservative, and several dissenting votes appeared on-site. Plus, Powell's remarks also carried dovish signals — all of which send a message: although rates are being cut, there is no rush to loosen policy. More notably, the Fed also initiated short-term Treasury bond purchases, which the market widely interprets as an "invisible easing" measure.

So, the issue isn't whether there's a cut or not, but rather the **overall pace of liquidity policy after the rate cut**. Investors are watching whether the Fed is truly willing to loosen. This ambiguity in policy is precisely the real reason why the crypto market lacks upward momentum.