Markets have cooled after the Fed’s much-anticipated rate cut. Bitcoin dominance climbed to ~74% before easing, and the altcoin index has now slid to 61/100. On paper, that looks like rotation failed. But is it really game over for alts, or just a pause before the next handoff?

You aren't alone in feeling like there’s a “meta-game” happening around crypto, bigger than charts and Fed funds rates. Let’s explore that working theory.

The Fed has begun easing and is signalling more to come. Markets reacted mildly because the cut was widely expected. Under the surface, a bigger game appears to be playing out: regulators and central banks are nudging toward controlled adoption of crypto—encouraging institutional rails while damping hype. That path is slower than a blow-off bull run, but it’s more durable. For investors, the play is patience, positioning, and risk controls.

Markets now expect the Fed to cut rates on Sept 16–17 after a weak U.S. jobs report. Bitcoin is steady around ~$111k; Ether is softer on ETF outflows. Next big mileposts: CPI on Sep 11 and the FOMC decision Sep 16–17.

Crypto’s back in a bull market... or so they say. Bitcoin’s cracked $100K. ETH has its spot ETF. Major coins are up. And yet, if you’re anything like me — it doesn’t feel like a bull market.