The alarm clock rings at 3 a.m., and the entire crypto world is waiting for the Federal Reserve meeting minutes, only to witness a major market drama.

On December 11, the Federal Reserve announced a 25 basis point rate cut, bringing the benchmark interest rate to the 3.50%-3.75% range. The moment the news was released, Bitcoin surged instantly, with traders shouting "The bull market is coming." But the good show hadn't even started, and the market suddenly plunged, with Bitcoin quickly falling from its high to oscillate between $88,000 and $92,000. The cheers just now turned into sighs in an instant.

This policy shift exposed internal divisions within the Federal Reserve. Out of 12 voting members, 3 voted against, 2 advocated for holding rates steady, and 1 directly called for a 50 basis point cut. This rare 37-year policy divergence essentially reflects a fierce confrontation between hawks and doves.

The seemingly "rate cut positive" signal hides deeper implications. The message conveyed by the dot plot is clear: at most, one more cut by 2026. In other words, this rate cut is just a "one-time" policy adjustment, and substantial easing is unlikely afterward. For the crypto market, which is highly sensitive to interest rates, this limited policy support is far from enough to sustain bullish expectations.

The market's chaotic reaction reflects traders' true dilemma — they can't see through the Fed's real intentions nor accurately gauge the subsequent policy pace. Under such uncertainty, Bitcoin's volatility is more normal than ever.