#加密生态动态追踪 A recent case worth pondering: a major holder invested $33.08 million heavily in $ETH, betting on the Federal Reserve cutting interest rates in this rally. The rate cut policy indeed materialized—but what followed was a chain reaction of 100,000 liquidations within 24 hours and over $200 million in market cap evaporating. This huge position ultimately did not escape unscathed.

The heartbreaking part isn’t about how much was lost specifically, but about how this set of logic repeatedly validates a market truth: what we are really trading is the expectation itself, not the final outcome.

Retail traders’ logic is straightforward—when the rate cut news comes out, it's a positive signal, so they enter the market. But institutional players' approach is completely different. They are already lurking before the expectation is fully digested; when the positive news is realized and retail traders FOMO into the buy-in, they quickly exit. While the expectation is still fueling the hype, the chips are already on the way.

This pattern applies equally to major coins like $BTC, $BNB. The cycle repeats, the routine remains the same—always buy the expectation first, then sell the reality. The more participants involved, the more obvious this rhythm becomes.