After the Federal Reserve minutes were released in the early morning, the market reaction was a rollercoaster. The minutes exposed an awkward reality: a split within the committee on their stance.

Some are still stubbornly fixated on inflation stickiness, while others are frightened by declining employment data. What’s the result? Policy signals have shifted to "wait for subsequent data before adjusting"—which is not a firm easing expectation but a passive response. Although interest rate cuts have already been implemented, the uncertainty in the pace immediately triggered intense volatility in traditional assets.

In this environment, high volatility has become the new normal. Stocks, bonds, and currencies are all swinging wildly with every Fed statement, with a single remark capable of causing several percentage points of fluctuation. But the crypto market might have a chance to break through—strong narratives combined with a long-term unchanged liquidity direction could support some capital participation. The problem is, the process will be bumpy.

Key point: **Rate cuts ≠ automatic rise**. Blindly chasing gains can easily lead to pitfalls. The most important thing at this stage is not to chase highs but to stay flexible—monitor data, adjust pace, and control risks. How are you positioning yourself now?