This operation is really outrageous! The Fed just announced a 25 basis point interest rate cut, and before the long positions could pop the champagne, the market taught them a lesson — $1.1 billion was liquidated across the entire network within 24 hours, with 90% being long orders. The most outrageous part is that the liquidation order for a certain leading coin lost a direct $21 million, a small target gone just like that. Even more embarrassing is that the US Spot ETF recorded the largest single-day net outflow in two weeks, with $500 million pulled out just like that, and this "Favourable Information" slap is really loud.

Surely someone is wondering: what happened to the promised interest rate cuts and liquidity? Why are mainstream coins being smashed instead? Having watched macro policies for so many years, I dare say this drop has long been indicated, and all the answers are hidden in Powell's 20-minute speech.

Here's a common sense popular science for beginners: The crypto market never looks at "what has happened", but at "what is expected to happen". This time a 25 basis point rate cut? It was priced in half a month ago. What everyone is really betting on is whether Powell will hint at a continued cut in December. Because only with ongoing easing will institutions dare to increase positions, and the bull market can continue to play out.

As a result, Powell directly dampened the market. He clearly stated that this time it was a "preventive adjustment" and used the government shutdown causing data delays as a shield, implying that "don't expect a rate cut in December." This is not caution; it's a standard hawkish warning. It's important to know that at that time, the futures market had already priced in the probability of a rate cut in December to... (subsequent content truncated)