The Fed's 25 basis point rate cut has finally landed, but have you noticed? The market reaction was surprisingly calm.

Behind this is actually the cliché logic - the good news has been digested in advance. When everyone was waiting for a rate cut, the price had already reflected the expectations. The moment it really lands, it is easy to become a trigger point for short-term selling pressure.

What is more noteworthy is Powell's statement in the early morning. While cutting interest rates, emphasizing "data dependence" is actually cooling the market. Inflationary pressures are still there, and this round of interest rate cuts is more like a forced compromise than active easing. The next step of policy tightening may be at any time, and short-term fluctuations in risk assets such as ETH are inevitable.

However, looking at the long term, there are three underlying logics that cannot be ignored:

First, this rate cut is a tentative move. If economic data deteriorates, interest rate cut expectations will continue to strengthen; If the data is good, there will be more room for relaxation. In either case, the floodgates of liquidity have been loosened.

Second, history is always repeating. The Fed turned around in 19 years, large-scale water release in 20 years, and spot ETFs passed in 23 years...... Every time the capital environment improves, crypto assets are the most obvious area to benefit. Signs of a new cycle are already looming.

Third, volatility often breeds opportunities. When the market panicked, it was the window for capital reallocation. The market will not break out suddenly, but the inflection point is gradually forming.

Now the test is patience and judgment. Short-term shocks are noise, and long-term trends are signals. Focus on fundamental changes rather than mood swings.