In the past few days, the market has started to speculate about the "September interest rate cut" again.

Since June didn't result in a cut, the storyline has been pushed to autumn, continuing the narrative with a different timeline.

But what I want to say is that regardless of whether there will be a cut in September, these expectations are ultimately just the market's "script", a pretext for speculation.

In the long run, there are indeed some directional changes. For example, when Powell's term ends, if Trump really comes back to power, he will certainly arrange for a more "compliant" Federal Reserve chair. At that time, the macro environment might be significantly looser, and the capital market could truly experience a surge.

But all of this is "maybe." To put it bluntly, it is all based on expectations, and none of it is real.

Moreover, we must recognize one point: the actions of the Federal Reserve are only one factor influencing the market, not the entirety.

Don't be too obsessed. **Don't think that if the macro environment improves, the coins you hold will definitely rise.** Whether capital will flow into the crypto market depends on whether AI is sucking blood, how hot the traditional stock market is, and whether the narrative is fresh enough.

Essentially, the capital market plays with expectations and imagination, like this time's "September interest rate cut" which is, after all, another speculation.

This also explains why many projects have little real value, but as long as there is capital willing to step in, the prices can skyrocket; conversely, some projects that are truly doing something may still plummet if no one pays attention.

Finally, I want to say that the market's direction depends on the project's fundamentals, not the slightest movements in the macro environment.

If the project is solid, it's only a matter of time before it rises; if the project is weak, even if the whole world cuts interest rates, it will still go to zero.

Stop being obsessed with those worthless coins.