What is the market waiting for? Almost all major currencies are range-bound – but the real key may not be how interest rates move, but what the Fed chairman will say.

Look at the market these days: BTC is grinding back and forth between $88,000 and $93,000, liquidity is already poor at the end of the year, ETH is holding $3,100, BNB is stuck around $886, and SOL is hovering at $132. The total market capitalization of the entire crypto market has dropped to about $3.1 trillion, a posture of "don't rush".

What is interesting is the flow of ETF funds. Bitcoin products saw an outflow of about $600,000 on Monday, but ETH, SOL and XRP funds instead absorbed $740,000 in net inflows — money rotated between coins, but it hadn't decided which direction to explode.

What is the current state of the trader?" and other starts". Before tomorrow's FOMC meeting, everyone held their breath. There is basically a consensus on a rate cut in December, and the question is how a leading central bank governor Powell will describe the policy path in 2025. Continue to be hawkish or turn dovish? This is much more important than whether to cut it by 25 basis points.

Some analysts directly said that the interest rate cut has already been priced in, and BTC is likely to continue to grind around $91,000 unless Powell's speech exceeds expectations. After all, the sharp fluctuations in BTC from $88,000 over the weekend have scared off derivatives traders, and liquidity is evaporating at a speed visible to the naked eye.

So now is just waiting for a signal - not the interest rate figure itself, but the speech that will set the tone of the market in 2025.