# Fed Cuts Again, BTC Holds $110K—But Here's What Actually Matters

Bitcoin's sitting at $110,161 right now, technically up 0.11% today but down 2.06% over 24h. Yawn, right? The real story is what the Fed just did.

The Federal Reserve dropped rates by 25 basis points to 3.75–4.00% on Oct 28–29—second cut in a row. Here's the thing: **97% of futures traders called this move exactly**, so it wasn't the rate cut that spooked the market. It was **Jerome Powell's hawkish tone**. Dude basically said "we're flying blind because of the shutdown," which sent traders scrambling.

BTC's trapped between $108K and $116K, fighting rejection at $113K. RSI at 45.1 = neutral, MACD at –890.1 = **trending down but not crashed**. Meanwhile, spot volumes jumped 6.73% to $69.5B—classic distribution, not accumulation.

Here's where it gets interesting though: **Bitcoin ETFs pulled in $839M in fresh capital**, while gold ETFs dumped **$4.1B**. That's institutional money choosing BTC over gold right now. Also, 231 large wallets (whales) grabbed 10+ BTC each in the last 10 days. Meanwhile, 37,000 smaller wallets bailed. **This is the clearest sign yet that institutions are buying dips while retail panics**.

What's next? Markets are pricing in another cut for December 9–10. If QT (quantitative tightening) pauses by year-end, that's bullish AF for crypto. But U.S.-China trade tensions and delayed inflation data could ruin the party.

**Support to watch**: $108K (if it breaks, target $101K). **Resistance**: $113K recapture could push toward $120K–$125K.

Bottom line: Fed's easing cycle + institutional accumulation = macro tailwind. But don't chase it. The chart's still weak, conviction is low, and data's too spotty to call a bottom. Wait for clarity.