The Federal Reserve's rate cut cycle has arrived, but the reaction in the crypto world has been somewhat lukewarm. Looking closely at recent trends, the gains are far below expectations. Gold is facing a similar situation—traditionally considered a safe-haven asset that should benefit, but now seems somewhat overwhelmed.

Why is this happening? The key reason is that the market has already largely digested these expectations. Signals of rate cuts have been released since last year, giving institutions and retail investors ample time to react. When the actual policy changes occur, it often turns into a scenario where "good news is already priced in, and any further positive news becomes negative." This is especially true in the cryptocurrency market—highly sensitive to policy changes. Once expectations turn into reality, new buying interest struggles to keep up.

This gives us a hint: the greatest opportunities in the market are often not when the news is announced, but at turning points that have been repeatedly anticipated but never fully priced in. When everyone is waiting for the same event, the real turning point may have already quietly passed.