At 3 a.m., the Federal Reserve is holding another meeting. Honestly, the probability of a rate cut is almost zero. After the news came out, the market clearly showed some unease.

On the surface, this is indeed bad news. High interest rates mean expensive money, and risk appetite naturally declines. The recent decline is a direct reflection of this sentiment. In the short term, this suppressive force will persist.

But looking at only this aspect would be too narrow.

A real transformation is happening behind the scenes. The attribute of cryptocurrencies as a "digital safe haven" is gradually strengthening. When traditional financial markets are thrown into turmoil due to high interest rates and economic uncertainty, funds that are disappointed with centralized financial systems may instead turn to decentralized crypto assets. This is not an overnight phenomenon but a slow yet steady transfer of funds.

Let's see what top institutions are doing. Don't be fooled by daily inflows and outflows; their true strategy is to use macro volatility to build long-term, phased positions. A five- or ten-year perspective, not just what happens next month.

More importantly, Bitcoin's role is evolving. From being a "highly volatile speculative asset," it is gradually transforming into a "mature allocation asset" similar to gold. This shift is driven not just by a single rate decision but by macro factors like global liquidity and inflation expectations.

There are three signals to watch now:

When will ETF funds start flowing in steadily—this directly reflects the true attitude of institutions.

The Fed's statements on inflation—whether they are "hawkish" or "dovish," this short-term tone is key.

Technical performance at key price levels—before the news becomes clear, the market will repeatedly probe these levels.

In summary: short-term, it is indeed bearish, no denying that. But from a medium- to long-term perspective, this decline may be cleansing restless funds and laying the groundwork for the next market cycle led by institutions with more solid logic.

In the waves of the market, opportunities are always reserved for those with steady ships and long-term vision. The current volatility is both noise and a test of resilience.