The Federal Reserve has implemented three consecutive interest rate cuts in 2025 and plans to purchase an additional $40 billion in government bonds within the next month. Implicit quantitative easing has already begun. However, market reactions are diverging: US stocks remain stable at record highs, while gold and silver continue to hit new highs.

But the cryptocurrency market has not strengthened in tandem; instead, it shows a pattern of “good news fully priced in, then bad news follows.” Bitcoin not only failed to sustain its upward momentum but also wiped out all gains after the decision, currently trading about 28% below its previous high. Traditional asset markets perform strongly, yet digital currencies have not benefited.

Can this divergence simply be attributed to “pre-emptive expectations”? It is more likely that major funds are leveraging macro favorable conditions to selectively unwind market leverage. When various assets rise collectively but Bitcoin alone declines, the key issue is not the reason for the decline but — where does the selling pressure come from?

Caution is needed for abnormal declines during a market-wide bullish sentiment, as they often indicate further downside risk. Be vigilant to avoid high-level oscillation risks, refrain from blindly chasing gains, control positions rationally, and patiently wait for the right moment.
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