The Federal Reserve cut interest rates as scheduled, and the market's originally high expectations for Bitcoin's reaction were met with a muted response. This "big positive" did not push prices higher as expected; instead, it revealed a more complex side of the market.

**Signs of Institutional Pre-Positioning**

On the night before the rate cut announcement, large Bitcoin sell orders suddenly appeared. According to data, trading volume surged during certain periods, involving tens of thousands of Bitcoins. This approach does not resemble retail investor behavior—well-informed institutions may have started adjusting their positions before the news was officially released, turning the positive news into actual gains. By the time ordinary investors react and rush in, they often just take the hit.

**Internal Market Confrontation**

The current Bitcoin market is caught in an interesting tug-of-war: on one side, a major exchange's spot ETF has seen continuous net outflows for several weeks, with obvious selling pressure; on the other side, listed mining companies are holding firm, with minimal sales of mined Bitcoin and even expanding their reserves. This resembles a stalemate, resulting in prices being stuck within a range, unable to move.

**Relative Performance Compared to Other Assets**

Looking back to the beginning of this year makes the contrast clearer. Gold has risen over 60%, U.S. stocks have repeatedly hit new highs, while Bitcoin's growth has noticeably lagged. This has led many investors to reconsider: is the once-glorious "digital gold" halo fading? Are capital flows shifting elsewhere?

Rate cuts themselves are not automatic price boosters. The real market is always more complex than we imagine, and positive news often comes with structural reconfigurations.