QCP Capital posted on its official channel that the hawkish FOMC triggered a sharp drop in all risk assets. Nasdaq plunged 3.56%, the S & P 500 Index fell 2.95%, and Bitcoin fell 6.13%. While the Fed's 25 basis point rate cut was in line with expectations, the root of the panic can be blamed on the dot-plot cut. Due to persistent inflation, the Fed now expects two rate cuts in 2025, compared to the market's consensus expectation of three. Bitcoin fell to a daily low of $98,800 during Asian trading, with multiple counterfeit products down at least 10%, and the market liquidated long positions worth $258.60 million. While it is easy to blame the sell-off on the Fed's hawkish rate cuts, the underlying cause of the morning crash was the market's overly bullish positioning. Risk assets have experienced an impressive one-sided rally since the election, leaving the market highly vulnerable to any shock.