The Federal Reserve raised rates by 25 bps to 3.75%–4.00%, exactly as markets expected. The decision was unanimous. And that’s the key point. A surprise hike could have shocked risk assets. But this move was largely priced in, with markets assigning roughly 93% odds to a 25-bps increase before the decision. $BTC initially moved within a relatively tight range around $75K–$76.5K, while #XRP was actually up around 2% over 24 hours in early trading after the decision. So what would a surprise hold have done? It might have been interpreted as a bullish liquidity signal — but it could also have raised a different question: why did the Fed suddenly decide not to fight inflation as aggressively as expected? That’s why the rate decision alone isn't the whole story. The Fed's projections point to at least one more hike this year, meaning the bigger debate for crypto may now be about the path of rates, not this single decision. Was the market more prepared for higher rates than many crypto investors thought?