The market has just experienced a shockingly unexpected wave— The Federal Reserve has cut interest rates by 25 basis points, bringing the benchmark rate to the 3.50%-3.75% range. This is the third consecutive rate cut, which should be considered a positive signal, right? But the movements of BTC and ETH are completely off script: there's no expected surge, but rather oscillations downward. Honestly, this kind of "positive news turning into negative" scenario is quite common in the crypto world. Why is this happening? I’ve summarized a few key reasons: **Expectations that were already priced in cannot support new highs** Rate cuts are no longer a secret. The market had been betting on it weeks in advance; funds had already entered the market, and longs had been built. When the official announcement came, everyone realized "the rise has already happened"—so large investors started taking profits, and retail investors who bought in got caught in the drop. Such moves have repeated many times in history. The price action after several Federal Reserve meetings this year generally followed this logic. **Disagreements within the voting committee, market hesitation** This rate cut was not unanimous; several committee members explicitly voted against it. What does this mean? It indicates that there is internal disagreement within the Federal Reserve about the economic outlook—some are dovish and want to ease policy, while others are hawkish and worried about inflation. The market's biggest fear is "uncertainty." When signals become ambiguous, risk appetite naturally declines. BTC was pushed up but then pulled back; ETH also moved sideways in a typical wait-and-see pattern. **Liquidity expectations are not so optimistic** Although the rate was cut, this does not necessarily

DeFi's performance bottleneck and asset island problems have always been unavoidable pain points in the industry. And the answer Injective has delivered this time might truly be about rewriting the rules of the game — they have launched a native EVM environment, which is not just a simple technical patch, but a complete architectural revolution. The concept of MultiVM sounds quite sci-fi, but Injective has made it a reality. What makes this native EVM so impressive? First, the development barrier. The millions of Ethereum developers can now seamlessly migrate their familiar Solidity code and MetaMask wallets. No need to relearn a new language, no need to adapt to unfamiliar toolchains — this frictionless migration experience is significant for ecosystem expansion. More importantly, performance is unleashed. These migrated applications can directly leverage the underlying hardcore capabilities of the Injective chain: high-speed transaction engine, zero Gas fee mechanism, and a professional-grade order book system. It’s like welding Ethereum’s liquidity ecosystem with Injective’s ultimate performance. The ecosystem’s rapid response also demonstrates market recognition. Over 40 DApps and infrastructure teams have already announced their plans to build on this new environment, covering a wide range of fields. The essence of this move is actually solving a long-standing contradiction: how to maintain decentralization characteristics while bringing on-chain financial experience close to traditional finance efficiency. Injective’s chosen path is technical integration rather than trade-offs — aiming for Ethereum’s ecosystem depth and their own performance advantages simultaneously. From current progress, this path seems to be working.

Today’s early trading saw BTC drop sharply, touching around 89,200 before starting to rebound. Let’s see if tonight can establish a clear direction. The short-term fluctuation range is roughly as follows: minor resistance at 90,500, and if broken, then 91,500; support at 89,000, and if broken, then heading towards 88,000. Overall market sentiment remains somewhat weak. If tonight continues to consolidate sideways, the key moment will be tomorrow, Friday. Tomorrow’s level is quite important—if the price can hold above 88,000 after a retest, the weekend will likely see continued sideways movement around 90,000; but next week’s trend is really hard to predict. If you’ve timed this recent wave well, shorting BTC and ETH at high levels could have yielded significant profits. If you’re considering shorting now, you might consider entering in batches at 91,500–92,500. If it breaks above 93,500, cut losses and stop; the short-term target could be around 89,000–88,000 for a quick exit.