The fifth straight hold (3.50–3.75%) was already priced in — three dissents, no forward guidance, no surprise. Nothing repriced, because there was nothing new to price. That's how every mature asset behaves.
A year ago, an expected hold could still whipsaw crypto on sentiment alone.
Now its moves increasingly track what actually drives macro assets — rate surprises and ETF flows — not hype. The tell isn't that crypto stayed calm; it's that it stayed calm for the same reason equities and gold did.
An asset that reacts to the Fed the way the rest of the macro complex does is one a treasury can finally model.
That's maturation — not a dramatic reaction, a rational one.
