The Federal Reserve's rate cut has landed, but the Christmas market seems to be 'difficult to deliver.' The market has followed the classic script of 'buy the expectation, sell the fact'—when the expectation of a rate cut supports prices, the actual positive news instead becomes a signal for profit-taking. Powell's rhetoric of 'data dependence' and the rare internal disagreements within the committee have filled January's path with uncertainty, extinguishing the flames of short-term euphoria. The crypto market, while enjoying the potential benefits of macro liquidity, must also face the increasingly enhanced transmission of volatility from traditional finance. #美联储降息 #ETH