#数字货币市场回升 interest rate cut landed, but the coin price fell instead? This operation seems quite counterintuitive.

But when you think about it calmly, the Federal Reserve's balance sheet reduction has never stopped. On one hand, tightening liquidity and on the other, shouting for easing expectations, how can the market not be confused? It's like you expect rain, but the clouds are continuously drawing water out – where does the bull market get its nutrients?

This cycle is indeed different from before. In the past, everyone was accustomed to watching the Bitcoin halving clock every four years, which coincided perfectly with the Federal Reserve's easing rhythm. And now? The situation has changed. The policy level has clearly stated: don't just blindly trust in technical cycles, the rules of the currency game still depend on how the Fed plays. Newcomers may not have reacted yet, but seasoned market participants already understand - to make dollars in this market, one must first figure out the central bank's hand.

The current market has entered a state of fluctuation, with ups and downs actually indicating that funds are probing for a bottom. Bitcoin remains relatively stable thanks to continuous support from ETFs, and during each pullback, some of the money that flows out occasionally drifts towards older mining coins like BCH and LTC. Why? Because these projects have a real mining ecosystem behind them, not a castle in the air; at least there is a safety net.

On the contrary, some new projects aim for a market value of tens of billions right from the start; to put it bluntly, it's just institutions unloading their goods in the secondary market. There are always people shouting the slogan "buy new, not old," but think about it, isn't Bitcoin itself the oldest one? This rhetoric does not hold up to scrutiny.

At its core, this round of market activity feels more like a risk lesson for everyone. The market keeps reminding us: don’t be led by beautifully packaged new stories; real value that can stand firm depends on whether the underlying logic and ecological support are strong enough. If the Federal Reserve doesn’t pivot, it will be difficult for a major market movement to truly start; for now, there are more structural opportunities. Stay clear-headed, hold onto the targets you understand, and don’t lose your sense of direction amidst all the noise. $ETH