The Federal Reserve moved, but Bitcoin didn't rise much. The 25 basis point rate cut was already largely priced in by the market, and when it was officially announced, the price actually moved downward. Many people took this opportunity to sell, especially new investors who entered through spot ETFs. Their first experience with a bear market left them a bit confused; seeing the price not rise, they hurriedly took profits or cut losses.

Industry analyst Terpin offered an interesting perspective: for most of its history, Bitcoin has actually had little to do with the stock market. The recent increase in correlation over the past few years is mainly because liquidity was overly abundant two years ago, making Bitcoin behave more like tech stocks.

The key issue actually lies in the difference in cycles. Bitcoin follows a relatively stable four-year cycle, but the stock market's long cycle is often around ten years. The two rhythms are different, so their performance naturally becomes unsynchronized. Plus, the market is now beginning to anticipate an economic slowdown and is still worried about long-term risks like a potential inflation rebound in 2026. Capital sentiment has become more conservative, and no one really wants to gamble on highly volatile assets anymore. This is why a rate cut has instead become a signal to escape.