Why did the bull run in the crypto world start ahead of the Fed not cutting interest rates?

Core answer: The crypto world market is dominated by "expectations", and the movement of funds is always faster than the actual implementation of policies!

The crypto world has started the bull run ahead of schedule, which is essentially the result of a "resonance of multiple positive expectations": the market first captured the macro signal of "cooling inflation → rate cut in September," then saw the certainty of the "Ethereum ETF listing," and finally, combined with the cyclical dividend of Bitcoin halving, these three forces collectively ignited the market.

It is essential to remember the core rule of the crypto world: market trends are always driven by "expectations". When the Fed officially announces a rate cut, those "smart money" investors who positioned themselves early may have already locked in their profits and are ready to exit. For investors, blindly waiting for the "policy to take effect" may instead lead to missing out on market opportunities, or even falling into the risk of buying at high prices.