Tonight at 3 a.m., the Federal Reserve is about to make a move. But this time, it might not be the "rain of easing" you expect.

A 25 basis point cut? That’s no longer a surprise. What really makes the market sweat is the possibility of a "tighter policy while giving sugar,"—a cut is made, but implicitly hints: don’t expect this treatment to continue in the future.

Why is it so complicated? To put it simply, the Fed is now like standing on two seesaws: on one side, the labor market is flashing red lights, with layoffs and job cuts, even officials admit the downside risks are rising; on the other side, inflation still hovers at 2.8%, and tariffs continue to add fuel to the fire.

This split is directly reflected in the voting—there might be 3 to 4 dissenting votes this time, an internal rift rarely seen in years. Powell is now driving through a fog, not knowing which way to turn the steering wheel.

So, what about the crypto market? Short-term, expect some jitteriness. But from another perspective, the overall direction of liquidity easing hasn’t changed. Once the waters are released, they need somewhere to flow. Mainstream assets like Bitcoin and Ethereum are obvious, but those community-driven, early narrative projects with strong consensus often are the first to sniff out the spillover of funds. Old-school privacy coins like ZEC might also share the pie in certain scenarios.

Do you think tonight will be the rallying call for a bull market, or will it follow the classic script of "good news is good but immediately becomes bad news"? Are your holdings ready for this wave of volatility?