Many people were stunned as soon as the market opened today:

The Federal Reserve clearly cut interest rates, so why did Bitcoin plummet? Did the good news turn into bad news?

Don't panic, this drop isn't surprising at all; it can even be said—this was a pitfall written into expectations.

① Good news was priced in early, and the news being confirmed is just a point where the market is sold off.

This time it was just a small 25bp rate cut, and the market had already guessed nearly right about it half a month ago; smart money had already positioned itself.

Formal confirmation of the news = good news has been used up = large funds take profits.

So what you see is not "true or false good news," but rather that the confirmation sell-off mercilessly produced a bearish candlestick.

② What truly caused the market collapse is the sentiment that "there's no hope for the future."

A truly fatal statement came out of the meeting:

Only one rate cut is expected in 2026.

What does this mean?

—— The previous fantasies of "continuous easing → bull market" are directly shattered.

Money will not be released in large amounts, liquidity will be tight, and it will not continue to push up risk assets.

The collapse of expectations is the main reason for Bitcoin's plunge.

③ Internal disagreements indicate that future rate cuts will be harder.

In this vote, surprisingly, three key officials opposed the rate cut.

What does this indicate?

—— Even within the Federal Reserve, there are concerns about inflation.

—— The probability of continuing to cut rates in the future is smaller.

—— The recovery of liquidity will slow down.

As long as the expectation of easing is weakened, high-risk assets like Bitcoin cannot remain strong.

In summary

This drop is not due to bad news; it's a correction brought about by "insufficient good news + shattered future expectations."

Federal Reserve rate cuts ≠ bull market takeoff

The key is whether there will be sustained easing next.

And now it seems:

The market's original beautiful dream was awakened by the statement "there might only be one rate cut next year."