The signals released by the Federal Reserve FOMC meeting are worth paying attention to, as this policy shift could reshape the recent trend of the crypto market.

The key issue here is: the expectation of rate cuts is breaking down. For the first time, there is a split within the FOMC on the issue of rate cuts, breaking the previous market illusion of "continuous easing." The latest views from Barclays and JPMorgan both point in the same direction — the pace of rate cuts will slow significantly. Especially after January, the cycle of "every meeting cutting rates" is likely to end, which puts considerable pressure on risk assets seeking liquidity.

Powell's stance is even more nuanced. On the surface, his wording is moderate, but the actual policy signals lean toward caution — rapid rate cuts before 2026 are basically unlikely, a typical dovish hawkish stance. The policy statement emphasizes "slowing the pace" and "no commitment to a path," which will inevitably lead to increased market volatility in the short term.

For risk assets like $BTC, $ETH, a tightening liquidity environment will have a direct impact. Other tokens like $ASTER will also find it difficult to remain unaffected. There's no need to be overly pessimistic, but caution about recent pullbacks is necessary. The next phase of market focus will be on whether actual economic data can support this policy stance.