#美国核心物价涨幅不及市场预估 The rate cut expectation was dashed? What are the real concerns in the crypto market

Central bank rate cuts are often seen as a market booster, but reality is not that simple. When the Federal Reserve's core inflation data falls below market expectations, we should see a rebound in risk assets—including the crypto market, stocks, and commodity futures. But the truth is clear: the market is not following this script.

Where is the problem? Purely rate cuts seem no longer enough to push asset prices higher. Market participants have started to reprice, shifting from simple liquidity-driven factors to deeper considerations of fundamentals, growth expectations, and geopolitical risks. The recent performance of $BTC and $ETH reflects this complex market psychology—good data doesn't necessarily mean a rise, because the market is waiting for more certainty.

The underlying truth is: investors' confidence in a soft landing for the economy is wavering. Rate cuts are no longer a panacea; more people are asking—what happens after interest rates decline? Where will the growth momentum come from? These are the key questions that will determine the trend of crypto assets in the coming months.