QCP Capital pointed out that the Federal Reserve (FED) is expected to begin a rate-cutting cycle tonight, with the first cut of 25 basis points to 4.00–4.25%. Although the market has priced in six cuts by 2026, investors are still focused on the dot plots and Powell's statements at the press conference. Despite the improvement in Liquidity, the recent performance of the crypto market has still lagged behind traditional risk assets, and it will be worth monitoring whether the Federal Reserve's statements tonight will narrow this gap.