Interest rate expectations have shifted: the market is now pricing in a 25 basis point rate hike before April 2027, with a probability reaching 50%.

This is not the rate hike happening, but the "expectation" itself changing.

For the crypto market, the bearish aspect is: long-term high interest rates and loosened liquidity are being weakened, putting pressure on BTC/ETH.

But don’t panic — this is a forward-looking expectation, and the short-term impact is limited. The current cycle has not yet fully tightened.

The real trouble is "repeated expectations": increased volatility and a harder time judging the direction.

Remember: the biggest enemy in the crypto world is always liquidity. $BTC $GT $ETH