Arthur Hayes, co-founder of BitMEX, posted on his personal social media that my views on the reasons why the Federal Reserve's interest rate cut plan did not meet expectations are as follows: Bitcoin has fallen by 10% since Powell announced the September interest rate cut in Jackson Hole. Why? I think the interest rate cut is good for risk assets. Overnight reverse repo (RRP) pays a 5.3% interest rate, while there is no higher interest rate for any government bonds under 1 year. Money market funds (MMFs) will shift funds from government bonds to RRPs, which is negative for liquidity. RRP has increased by $120 billion since Jackson Hole. I think this will continue as long as Treasury rates are lower than RRP.