The Federal Reserve cuts interest rates by 25 basis points, seemingly signaling an easing policy on the surface, but the dot plot secretly hints at hawkish intentions, and Trump has even publicly criticized the rate cut as insufficient. This contradictory situation is profoundly affecting the crypto market's direction.

It is worth noting that institutional actions are frequent: Trump-linked mining companies have entered the BTC reserve rankings, and Bitcoin has been included in the scope of derivative collateral, indicating that large funds are quietly expanding their balance sheets. Meanwhile, the new MEME tokens on the Ethereum chain have emerged with independent trends, forming trajectories that are not synchronized with the overall market.

The dovish and hawkish policies, institutional accumulation, and the divergence of tokens—all intertwined—do hawks have the upper hand, or are doves pulling the strings? The market's true answer may be hidden in the coming weeks.