Macro Market｜What the market cares about isn’t always good news—it’s sometimes the change in expectations

The market is interesting.

When a piece of news is released, the price doesn’t necessarily react immediately according to instinct.

Because what investors trade is usually not “what happens now,” but “what might happen next.”

For example, if the market has already been expecting a rate cut, when the rate cut is actually announced, the price may not surge significantly.

Because the positive catalyst has already been priced in in advance.

On the other hand, if nobody has expected a major policy or capital flow change, the market may react quickly instead.

So when looking at the crypto market, don’t only ask:

“Is this a good thing or a bad thing?”

Sometimes, what matters more is:

“What did the market originally expect?”
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