The storm from last weekend still hasn't stopped.

Bitcoin has consecutively lost two key support levels—first $89,000, then it couldn't hold $88,000 either. From the all-time high just a few days ago, this pullback is already close to 30%. A 24-hour drop of 2.06% might not seem like much, but with such miserable trading volume, something feels off.

How quiet is the market? BTC and ETH trading volumes have been cut in half—calling it a drop by half is an understatement. Anyone can see what this kind of price-volume divergence means—everyone is waiting.

Waiting for what? The meeting on December 9-10.

The Fed’s rate-setting meeting has become everyone’s focus. Although the market is giving an 87% chance of a rate cut, which sounds like a sure thing, internal divisions at the Fed are scary huge. Some officials are dovish, others are sticking to their hawkish stance. This ambiguity has made traders collectively choose to "wait and see."

Of course, high-leverage players don’t have that kind of patience. In the past day, nearly 100,000 accounts were taught a lesson by the market, with total liquidations surpassing $110 million. Not much volatility? For positions with 10x or 20x leverage, a few percentage points of fluctuation is enough to be fatal.

JPMorgan is still calling for a bullish outlook, but who’s listening now? Before the decision comes out, "surviving" is more practical than "making big money." Slow declines and shrinking volume—this is a classic picture of a wait-and-see period: no one wants to go all in before the cards are revealed.