Markets felt the Fed cut chill before it even hit the mic.
With Jerome Powell signaling a 25 bps rate cut, risk sentiment didn’t exactly cheer — it flinched. The futures screen turned red across the board: $ETH -5.17%, $BTC -3.19%, $SOL -6.61%, and BNB -3.29%. It’s that phase where “easing” doesn’t mean relief, it means uncertainty — because the market knows what comes next isn’t just liquidity, it’s doubt.
Traders priced in the cut weeks ago, but the tone of Powell’s message — more cautious than confident — triggered what looks like a recalibration across leverage books. Funding flipped, longs were forced to de-risk, and volatility spiked right through major supports.
The irony? Rate cuts are supposed to be bullish for risk assets — but in a market this leveraged, even good news bleeds red first. We’re watching a macro shakeout that’s less about rates and more about position exhaustion. The ones who survive this aren’t reacting to the Fed; they’re waiting for the market to stop pretending it understands it.
