#ETH巨鲸增持 witnessed a bloody massacre last night.

Powell's remark at the press conference, "Inflation has not yet met the target, and the timing for rate cuts is not right," cut through the market's illusions like a sharp knife. I stared at the screen as funds fled wildly— the S&P 500 plummeted 1.8% from its intraday high, and the Nasdaq 100 was even more dramatic, dropping 2.3%.

The craziest part is that 60 minutes.

Tech giants collectively plunged, with a market value evaporating by more than 120 billion dollars in an instant. The VIX panic index soared to 23.8, and the screens of options traders were filled with red alerts. I've seen this scene in 2022, but this time it came more suddenly - because the market bet on the wrong direction.

The cryptocurrency side is even more brutal. Within half an hour, $1.2 billion in long positions were forcibly liquidated. $BTC , $ETH , these mainstream assets are like kites with broken strings, and holders watch their account balances shrink, yet they didn't even seize the opportunity to cut losses. Liquidation alerts from major exchanges are coming in one after another, and the entire market is filled with an atmosphere of despair.

Where did the problem occur? Expectation management has completely failed.

Before the meeting, CME interest rate futures showed only a 28% chance of a rate cut in December. As soon as Powell spoke, that number skyrocketed to 89%! This dramatic reversal caught investors betting on loose policies off guard — their leveraged positions became the most vulnerable casualties in this storm.

I was thinking, those who cleared their positions early last night should be feeling grateful now. Meanwhile, those who held on to the idea that "the Federal Reserve will always compromise" are staring blankly at their losing trades. This round of capital reshuffling triggered by central bank policies once again proves: in the face of macro turning points, any sense of complacency can be fatal.

The issue facing investors now is very real — how to protect the principal when monetary policy expectations and market pricing continue to be misaligned? Perhaps the answer is simple yet effective: maintain cash reserves, reduce leverage, and in a market where uncertainty becomes the norm, surviving is more important than making quick money.