Regarding the Federal Reserve's interest rate cut pace next year, here is an interesting assessment. According to data, the Fed has already cut interest rates by a total of 175 basis points in this cycle, which is already close to the neutral interest rate level. There is not much room for further cuts.

Some analysts believe that it will be difficult for the Federal Reserve to significantly cut rates in 2026. Unless there is a sudden and obvious deterioration in the labor market, the likelihood of rate cuts remains quite limited. This also explains why market expectations are relatively conservative—based on market data, investors generally expect the Fed to cut rates twice next year, neither more nor less.

In other words, if you are expecting the Federal Reserve to cut rates as frequently as last year, you might need to adjust your expectations. Under the current macro environment, there is indeed limited room for rate cuts. For the crypto market, this relatively stable interest rate environment will also have corresponding effects.