"Hawkish rate cuts" triggered a roller-coaster market. The Federal Reserve completed its third rate cut of the year, but the real storm came from the details of the decision. The meeting statement and the "dot plot" suggest that future rate cuts will significantly slow down, with only one possible cut each in 2026 and 2027. This posture of "giving a candy, then warning that it will soon be gone" instantly extinguished the market's enthusiasm for easing. ● Bitcoin: The price movement was textbook-like in its volatility. After the decision, it initially surged to $94,500, but then quickly faced a frenzy of selling, plummeting to $92,000, with a fluctuation of over $2,500. Although it briefly rebounded above $92,000 in the early session, momentum has waned, and it currently retreated to the critical area of $91,000. ● Ethereum: The volatility was equally intense. In the early morning, it followed Bitcoin to a high of $3,440, but then plunged to around $3,320. In the early session, it briefly fell below the psychological barrier of $3,300 and is now seeking support near $3,260, showing a clear weak pattern. ● Market sentiment shift: The optimistic bets in the market before the decision rapidly transformed into profit-taking after the decision. The news of Standard Chartered Bank significantly lowering its Bitcoin price forecast, along with the slowdown in ETF inflows, further heightened the market's risk-averse sentiment. Structural factors highlight the market's vulnerability. The reason for this intense volatility, aside from macro events, lies deeper in the inherent weakness of the market structure: 1. Weak spot demand: Data shows that even after this round of rebound, the net spot buying volume on exchanges remains negative, indicating insufficient real buying power. 2. Chain reaction of leveraged liquidations: A large number of leveraged positions are clustered near key price levels, and rapid price reversals can easily trigger a chain liquidation of both longs and shorts, amplifying the volatility. #加密市场反弹 #加密市场观察 #ETH走势分析 #山寨季将至？ #代币化热潮