The Fed's surprise 25bps rate hike to 4% sent shockwaves through crypto markets, with BTC briefly dipping to $75,600 before rebounding above $76,700 📉. Spot ETFs saw roughly $450M in outflows as risk assets absorbed the first hike since July 2023. The CLARITY Act's Senate failure added more pressure, wiping out $480M in leveraged positions and sending XRP down about 10%. Despite the macro headwinds, some alts are seeing aggressive buying — ONE surged over 127% on heavy volume 🔥. With regulators signaling they'll advance crypto rules under existing authority, the policy path forward remains uncertain but not dead ⚖️.