#美联储降息 The story of the Federal Reserve cutting interest rates is repeating itself. A 25 basis point cut, with only one expected next year, sends a clear signal — the easing cycle is nearing its end. I've seen too many people lose their minds during rate cut waves, watching Bitcoin surge to 94,000 and then FOMO, only to turn around and fall back to 91K. These fluctuations are the easiest to harvest from retail investors who haven't fully thought it through.

The key is that Powell was very frank: the labor market is cooling, and there are still upside risks to inflation. This means there is significant disagreement within the Federal Reserve, and the room for further rate cuts is almost gone. Goldman Sachs's statement is even more straightforward — preemptive rate cuts are over. In other words, this is the last signal of easing; afterward, it may be watch-and-wait or even tightening.

This timing is particularly dangerous. Many project teams will exploit this market sentiment rebound to make a move, especially those promising to "follow the Fed cycle" in gold farming and liquidity mining. My experience is: when the macro environment starts to turn, that's precisely when risks are most concentrated, not when opportunities are at their peak.

The core rule for surviving on-chain is — don’t go all-in on the last train. The end of the rate cut cycle means the influx of new funds is drying up, and the subsequent rise is often a game of existing assets, which is extremely easy to get crushed by. Be cautious; only then can you survive longer.