The market sentiment has shifted abruptly, and capital is starting to be reallocated.

The latest data from the CME FedWatch Tool reveals a key signal: traders are now pricing in an 89% probability of a 25 basis point rate cut in December. What does this number mean? Essentially, Wall Street now sees a rate cut as a done deal.

The trigger came from last night’s ADP employment data—which came in far below expectations. As soon as the news broke, traders immediately adjusted their positions, the Dow Jones surged more than 400 points in a single day, and risk appetite rebounded instantly. Bitcoin wasn’t idle either, rebounding nearly 2% within 24 hours and regaining the $93,000 level.

But this time, things are a bit different. In addition to Bitcoin, Ethereum and major platform tokens are also attracting attention. The shift in macro liquidity expectations is triggering an institutional-level rotation of assets—capital is no longer focused on a single asset, but is instead being reallocated across various sectors.

As expectations for rate cuts heat up, the chips on the crypto market table are quietly being moved around.