CryptoQuant analyst Axel Adler Jr. posted that the Federal Reserve has kept interest rates unchanged at 3.50%–3.75% for the fourth consecutive time, but the dot plot leans hawkish, weakening support for risk assets. After the rate decision, BTC briefly surged to around $66,400 before pulling back by about 4%, dropping below $64,000 and fluctuating at lower levels. The increased trading volume indicates significant selling pressure. In contrast, gold, which briefly dropped to around $4,220, was quickly bought back and returned above $4,300. Adler believes this divergence shows a preference for defensive assets, with BTC still viewed as a pure risk asset at present. If it fails to reclaim the $64,000–$65,000 range, the market may continue to maintain a cautious, risk-off stance. https://(wublock123.com)/news/cryptoquant-market-to-remain-cautious-risk-off-state-63017